US-based food and beverage company Sovos Brands has merged with Noosa Yogurt.
Noosa was co-founded in 2009 by Australian Koel Thomae and Rob Graves, a Colorado dairy farmer. The company manufactures Aussie-style yogurts for the US market from a production facility in Bellvue, which will be retained under the deal.
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California-based Sovos bought pasta-sauce maker Rao’s Specialty Foods and US frozen entrées supplier Michael Angelo’s Gourmet Foods in 2017 as part of its “mission to acquire premium, on-trend brands with high-quality products that have significant growth opportunities”.
Both Sovos and Noosa are owned by private-equity fund Advent International. It acquired Noosa in 2014 and the business has since grown into 5,000-odd US stores.
Todd Lachman, the president and chief executive of Sovos, said: “Noosa fits perfectly into our portfolio of one-of-a-kind brands in the food and beverage sector. Our team brings significant experience across food and beverage categories, and we see a number of attractive opportunities to grow the Noosa brand as we expand Sovos Brands into the yoghurt category.”
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The transaction, for which terms were not disclosed, is expected to close before the end of the year.
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By GlobalDataAdvent managing director Jeff Case said Sovos and Noosa “share the same brand and customer-centric values and growth goals”.
