Carlsquare advised Lafayette Mittelstand Capital, a leading private equity firm specializing in the German Mittelstand, on the sale of Münsterland, a German market leader in premium Ready-to-Drink (RTD) beverages, to Nomadic Foods, a subsidiary of the Irish dairy and food group Kerga. This marks the second successful exit for Lafayette Mittelstand Capital with Carlsquare in 2025 and underscores their strong track record in building and realizing value in the European consumer goods sector.
Founded over a century ago and headquartered in Rosendahl, North Rhine-Westphalia, Münsterland is a well-regarded producer of high-quality milk mix products and Ready-to-Drink (RTD) coffee beverages. The company is a trusted co-manufacturing partner to international brands and exports to over 20 countries. Münsterland’s product portfolio includes iced coffees, protein drinks, energy teas, oat drinks, and organic milk.
Nomadic is a brand under Kerga, which is jointly owned by BiaVest, the Irish specialist food investment group, and Development Capital, a prominent Irish growth capital fund.
Through the acquisition of Münsterland, Kerga and its brand Nomadic expand their portfolio with a well-established player in the German premium beverage market. The acquisition represents the next step in Kerga’s strategy to build a portfolio of leading convenience food and beverage brands across Europe. The current management team of Münsterland will remain on board to continue its growth path and integration into the Kerga platform.
“This acquisition is another major step forward in executing Kerga’s European growth strategy. Münsterland is an exceptional business with a proud heritage and a strong reputation for quality and innovation. We are excited to support and build on that success.” – Alan Cunningham, Chief Executive, Kerga
“With Münsterland joining the group, we expect to sell over 100 million units across Europe next year – a strong foundation for further growth. Münsterland fits our acquisition strategy perfectly: a business with proven revenues, a strong track record, and clear scope for innovation and expansion.” – Hilliard Lombard, Chairperson, Kerga & Co-Founder, BiaVest
“In Kerga, we have found a capital-strong partner with strategic vision and long-term focus to help take the business to the next level. Together, we can unlock new opportunities and expand our co-manufacturing partnerships.” – Manfred Fleige, Managing Director, Münsterland
Carlsquare acted as the exclusive financial advisor to Lafayette Mittelstand Capital.
