Investment fund Bellingham Capital has acquired Independent Irish Health Foods (IIHF), owner of the True Natural Goodness brand, for an undisclosed sum.
The Co Cork-headquartered company is a distributor and wholesaler of health foods and related products to more than 1,000 customers in Ireland and continental Europe, covering vegetarian, vegan, organic, free-from and fair-trade brands including its own True Natural Goodness products. Employing 89 people, the IIHF had a turnover of €25 million last year.
Co-founders Richard Wilkins and Henry Bartlett will stay on with the business in consultancy roles.
“We are very pleased with this acquisition, our second in the healthy and sustainable food space. I would like to thank all the staff and customers of IIHF, who we look forward to working closely with in the coming months, and particularly the founders, Richard and Henry,” said Mark Goodman, founder and chief executive of Bellingham Capital. “Our intention is to have a collaborative partnership with the team at IIHF and to continue to build upon the great work they have been doing, while also helping to further develop and expand the company in a positive way.”
“This is a very exciting time and the acquisition of IIHF represents a positive step forward for the company,” said Mr Wilkins and Mr Bartlett in a statement. “Bellingham Capital is the ideal partner for the business as it seeks to continue to build on its investments in the health foods sector. We look forward to working with Mark Goodman and his team as we look to position IIHF for further growth on both the Irish and international markets.”
Bellingham Capital is part of the Bellingham Group established by Mr Goodman and headquartered in Castlebellingham, Co Louth. It is focusing on investing in agribusiness, food industry and renewable projects across Ireland and Britain.
Last year it acquired National Organic Products, owner of the Bunalun brand, for an undisclosed sum.