Donegal Investment Group has put its dairy business, Nomadic Dairy, up for sale, according to the Irish Independent.
Nomadic dairy has produced various yoghurts and yoghurt drink products in Ireland over the last 25 years.
The Dublin listed group has appointed a corporate finance adviser to lead the disposal of the business.
Managing director Ian Ireland told the Sunday Independent that preliminary discussions have already been held with a number of potential suitors and an information pack will be sent to potential buyers in the coming weeks.
Assessing The Situation
Ireland has led a strategy that has seen Donegal Investment Group dispose of various assets across its sectors in order to focus on its seed potato business, Nomadic and an animal feed business.
Its potato seed business is said to be performing well and the company aims to grow it organically.
According to the Independent, putting Nomadic up for sale spawned from a shareholder agreement where a minority shareholder triggered his right to seek an exit.
The Donegal Group is now undergoing a strategic review regarding the future of its remaining assets.
Ireland told the times; "It's a good business, but we have to assess that against the requirements of our shareholders.
"We've gone through a lot of change and the market has responded well. I don't think shareholders want us to adopt a reactive strategy and the share price to go back to €5."
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.