NVM Private Equity invests £3.5m in It's All Good

Harriet Bailey
20 February 2014

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NVM Private Equity has injected ТЃ3.5m into Itтs All Good, a snack manufacturer specialising in tortilla chips.

The Gateshead-based snack manufacturer will use the growth capital to further enhance its manufacturing capabilities and increase capacity, with the company looking to double its headcount. IAG will also be developing both its own brands as well as products for supermarkets.

NVM invested via its Northern VCT vehicle, taking a minority share in the company. IAG managing director Calum Ryder was previously backed by NVM during his tenure as managing director of Union Snack before establishing IAG.

Previous funding
IAG received early-stage funding in 2012 from a syndicate of investors, including the management team, two high-net-worth individuals and FW Capital, with HSBC providing debt facilities.

Company
Founded in 2012 and based in Gateshead, IAG has created two own-label tortilla chip brands: Manomasa and Mexican Dave's. IAG aims its products at less price-sensitive and more quality-focused consumers and claims to use no artificial ingredients.

IAG has begun to secure new business and, nine months after launching, its Manomasa brand is being stocked by more than 350 independent retailers. The management team has refurbished its north-east England site, investing in its production lines. It has also developed the Pitta Chip concept, which is currently being sold as an M&S-branded product.

The company currently employs approximately 50 staff.

People
Director Mauro Biagioni led the deal for NVM. Calum Ryder is the managing director and founder of It's All Good.

Advisers
Equity – Bond Dickinson (Legal); Aon, John Donald (Insurance due diligence); Baker Tilly, Stephen Green (Financial due diligence, tax); Continuum, Steve Wycherley (Management due diligence); Inventabrand, Paul Monk (Commercial due diligence).
Management – Muckle (Legal).