Gateshead snack manufacturer It’s All Good has been boosted by £3.5m of development capital from NVM Private Equity to drive forward the firm’s ambition to become the chips of choice for the UK grocery industry.
Managing director Calum Ryder, who has 25 years’ of entrepreneurial experience in the UK snacks market, was a founding director of North East pretzel manufacturer Union Snack – a successful start-up backed by NVM in 1996.
That snack firm grew considerably under his directorshop and was sold to Intersnack in 2007, generating impressive returns for NVM.
Now Newcastle’s NVM Private Equity are hoping for similar returns after invested the seven-figure sum in Ryder’s It’s All Good (IAG), which specialises in tortilla chips, to help boost the business’s manufacturing capability and product development as they strive to become a first choice supplier for tortilla chips.
The lucrative bagged snacks market pulled in £2.7bn in 2012 and is forecast to grow over the next few years, buoyed by the growing trend of people staying in and sharing snacks with others.
Calum Ryder headed-up Intersnack UK after selling Union Snack before joining forces with Michael Weatherhead, IAG financial director, and Lynn Saul, IAG development director, to establish IAG in the Gateshead, with funding from a syndicate of investors, including FW Capital.
Now IAG are well poised to capitalise on the trend, having already developed the Pitta Chip, a treat currently gaining momentum as an M&S branded product.
The firm’s premium tortilla chip brand, Manomasa, has also hit over 350 high-end independent retailers just nine months after launch.
Ryder said: “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, added: “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.”