Ethnic supplier Kolak Snack Foods is looking for a "strategic" investor to help it expand into Europe and India.

Exports account for 8% of Kolak's sales and the company is after a trade partner to help set up manufacturing units abroad on a joint venture basis to boost its overseas distribution.

"Having built a very firm base in the UK, Kolak is now looking to expand into other markets," said non-executive director Pradip Dhamecha, whose wholesaling family set up the Wembley-based premium crisps and snacks business in 1985.

The company had yet to decide how a deal would alter the corporate shareholding, he said, but the directors did not want to relinquish more than 15% to 20% of the business.

The strategy could take another year to be finalised, he added. "We're not in a hurry. We have adequate internal resources to expand so we're looking for a strategic partner with connections in Europe and the Indian sub-continent, where we can leverage their strength," he said. "They must have the right skill-set and connections or we may still go it alone."

Kolak is ranked 28th in The Grocer's 50 fastest-growing privately owned food and drink companies. It has notched up annual growth of 24.3% over the past three years.

Turnover rose from £32m to £42m in the year to 30 September 2009 and will approach £48m for the current financial year.

Kolak predicted it would secure "very reasonable" sales of £50m to £53m the year after. "The UK market will continue to grow next year but the crisps and snacks market is fairly mature and we therefore need to look at some of these emerging markets to grow further," Dhamecha said.

The Dhamecha family has a 50% stake in Kolak, while directors Ashak and Barat Lakhani have a 25% stake each. The company's main business is own-label but it also supplies a range of Kolak-branded products to the major multiples and discounters.