Tortilla chip manufacturer It’s All Good (IAG) has received £3.5 million investment from NVM Private Equity for an undisclosed stake.

NVM says the new money will help IAG boost its manufacturing output and create new products, to become a primary supplier of snacks to the grocery industry.

The business is based in the North East of England and is led by Calum Ryder, founder of Union Snack which received investment from NVM in 1996. It sold to Intersnack in 2007, where Mr Ryder became a director before creating IAG with two co-founders.

In 2012, the UK bagged snacks market was valued at £2.7 billion and it is forecast to grow over the next five years, due in part to more people staying in during the evening.

Mr Ryder said: “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.”