Irish-based specialist food investment group BiaVest has acquired an 80% stake in German-based pasta company Riesa Nudeln.
Founded just two years ago by food sector specialists, Hilliard Lombard and David McKernan, this is BiaVest's fourth acquistion and its first in continental Europe.
With annual revenues exceeding €40m, Riesa Nudeln employs 150 people and operates a well invested manufacturing facility from its base in the town of Riesa in Saxony, Germany.
It also has a pasta museum, restaurant and shop at its manufacturing facility in Riesa, which sees over 200,000 visitors a year.
The Riesa brand has a strong retail presence across key German retailers, including ALDI, Lidl, Edeka, Rewe, Kaufland, Penny and Netto.
The company has an annual production capacity of 25,000 tonnes of pasta which is set to double its output to 50,000 tonnes.
Riesa Nudeln joins convenience snacking brand Nomadic, donut brand Offbeat Donuts and food brand Nobó in the BiaVest portfolio.
"Riesa is a brand with a respected heritage and proven provenance in Germany. Its track record of success is striking, as is its growth potential," Hilliard Lombard, co-Founder, BiaVest said of the acquisition.
"In BiaVest, we have found a capital-strong partner with a great deal of expertise to drive the brand business forward while at the same time leveraging the site's existing potential," André Freidler, Riesa Nudeln said.