NVM invests in It's All Good

NVM Private Equity (NVM) has invested £3.5 million of development capital in It’s All Good (IAG), an innovative high-quality snack manufacturer specialising in premium tortilla chips. The new funding will enable the management team to further enhance its manufacturing capability and product development to become a first choice supplier for tortilla chips to the UK grocery industry.

Calum Ryder (IAG Managing Director) has 25 years’ of entrepreneurial experience in the UK snacks market. He was a founding director, and latterly Managing Director, of North East based pretzel manufacturer Union Snack – a successful start-up backed by NVM in 1996. Calum’s directorship the business grew considerably and was sold to Intersnack in 2007, generating impressive returns for NVM. Subsequent to the sale Calum headed-up Intersnack UK. He then joined forces with Michael Weatherhead (IAG Financial Director) and Lynn Saul (IAG Development Director) to establish IAG in the North East of England. In this early stage of the business the team received funding from a syndicate of investors.

The management team has invested heavily in high quality production lines that are at the forefront of food technology. This has enabled IAG to differentiate its products by using authentic quality ingredients, niche product formats and novel shape options. In 2012 IAG took these products to market, gaining a significant foothold in the own label tortilla chip segment of the snacks market. The team has also developed the new Pitta Chip concept, currently gaining momentum as an M&S branded product. IAG’s newly created premium tortilla chip brand, Manomasa, has hit over 350 high-end independent retailers just nine months after launch.

In 2012, the UK bagged snacks market hit £2.7bn and is forecast to grow over the next five years. The market is strong as a result of the growing trend of people staying in and sharing snacks with others. IAG is focused on a unique, and relatively under-developed, sub-sector of the market targeted at a less price sensitive and more quality focused snack consumer.

Calum Ryder, Managing Director of It’s All Good, comments:
“It’s All Good was born out of a desire to create products that are not only authentic and tasty but use only the finest ingredients and include absolutely nothing artificial. Our strategy is to dominate the quality end of the own label market and to build our Manomasa brand. The new funding will help IAG to become the ‘go to’ manufacturer for premium tortillas and other snacks. I have personally known and worked with NVM for many years, so we both trust each other’s judgement. With committed investors behind us, and a strong management team on the front line, I am excited about the future of IAG.”

Mauro Biagioni, Director of NVM Private Equity, comments:
“IAG is at the forefront of new product development in its sector. The management team are utilising their extensive experience of the snack industry to create fresh, innovative and trend-setting products. The business operates in a growing and robust market and has begun to secure new business with major grocery multiples. We are delighted to be given the opportunity to back an experienced and highly capable management team, with a Managing Director we have supported in the past. We are very impressed with what they have achieved so far.”

Notes To Editors

ADVISERS:

Aon (Insurance Due Diligence) – John Donald

Baker Tilly (Financial and Tax Due Diligence) – Stephen Green

Bond Dickinson (NVM lawyers) – Jamie Pass

Continuum (Management Due Diligence) – Steve Wycherley

Inventabrand (Commercial Due Diligence) – Paul Monk

Muckle (Management lawyers) – Peter Robinson

Established in 2012, It’s All Good founded by Calum Ryder is a specialist manufacturer in premium tortilla and pitta chips. Based in the North East, the site (30,000 sq. ft.) is newly refurbished and now employs over 50 members of staff. Within the portfolio of snack businesses in the UK, the extent of consolidation in the last 10 years has resulted in there being no smaller, focussed, flexible businesses prepared to nurture niches into mainstream – a key driver for the setup of It’s All Good. www.allgoodsnacks.co.uk

NVM Private Equity
is independently owned with over 29 years’ experience of investing in unquoted UK businesses. NVM is a generalist investor, managing over £290 million of funds, and is differentiated by having executives living and working in regional business communities throughout the UK. NVM seeks investment opportunities in UK businesses which have the right mix of growth potential and market vision. They may be looking to grow organically, acquire another business or secure a management buy-out. Typically, NVM looks to invest between £2 million and £10 million in each transaction.www.nvm.co.uk

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