US-based private-equity firm Advent International has acquired Australian firm Noosa Yoghurt for an undisclosed sum.
Noosa, which launched in 2009 in Queensland, sells to 5,000 retailers in the US. Noosa will complete a US$5m expansion project in 2015 to upgrade existing equipment and keep up with increasing sales and distribution.
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Former Heinz CEO Bill Johnson and Brad Alford, the former head of Nestle’s business in the US, are advisors to Advent and will join Noosa’s board, the private-equity firm said.
Jeff Case, Advent’s MD, described Noosa as a “dynamic business with an exciting growth story”.
Case said: “The company’s management team has done a great job establishing a market in North America for its flavourful yoghurt, and we see significant potential to further develop the business by extending its product line, increasing production capacity and expanding geographically.”
Koel Thomae, co-founder of Noosa and the company’s executive vice president of sales, added: “We look forward to partnering with Advent as we bring Aussie culture and local, farm-fresh ingredients to even more consumers across the nation.”
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