Irish investment group BiaVest has announced the acquisition of an 80% stake in Riesa Nudeln, a German pasta company.
Based in Riesa, Saxony, Riesa Nudeln, which trades as Teigwaren Riesa GmbH, boasts annual revenues exceeding more than €40 million, while its manufacturing facility also boasts a pasta museum, restaurant, and shop, known as the Riesa Nudelcenter.
The group is currently completing work on a €4 million production line, to produce the specialist pasta variety, spätzle, which it says will generate an additional €15 million in annual revenues, boosting its production capacity from 25,000 tonnes of pasta to 50,000 tonnes.
Board Structure
Under the terms of the deal, BiaVest’s co-founder, Hilliard Lombard (pictured) and chief financial officer, Warren Codd, will join the Riesa Nudeln board, with current owners Andre Freidler and Olivier Freidler continuing to be involved in the company on an advisory basis, holding a 20% stake.
Mike Henning, the current chief executive of Riesa Nudeln, will remain in his role, the company said.
"Riesa is a brand with a respected heritage and proven provenance in Germany," commented Hilliard Lombard, BiaVest co-founder. "Its track record of success is striking, as is its growth potential.
"The team has exciting plans to continue to expand and develop the business. We look forward to supporting this next phase and to working alongside Mike Hennig and his team and with our strategic partners – André and Oliver Friedler."
Food Businesses
Aside from Riesa, André and Oliver Friedler will continue to operate their own food businesses, Alb-Gold, based in Swabia, Germany, and, Al Dente, based in Detroit, USA.
"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 commented.
"These considerations were very important to us in our choice of partner, and we are pleased to be able to continue to accompany the company's development in partnership with BiaVest."
