Earlier this year, Noosa Yoghurt’s Co-Founder Koel Thomae touted the company’s growth, reporting $220 million in sales in an exclusive interview with Inc. Magazine. And it seems the company’s upward momentum has caught the attention of private equity firm Advent International. This week, both companies announced Noosa will be joining Michael Angelo’s Gourmet Foods and Rao’s Specialty Foods under the banner of Advent’s Sovos Brands.
“Noosa fits perfectly into our portfolio of one-of-a-kind brands in the food and beverage sector, and we have been impressed by its compelling growth opportunities, attractive consumer demographics, and talented employee base,” said Todd Lachman, President and CEO of Sovos Brands, in a press release. “Noosa shares our unwavering commitment to authentic, delicious-tasting products using only the highest quality ingredients. 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 yogurt category.”
Advent International first acquired a majority interest in Noosa in November of 2014 and has been an important part of the yogurt company’s growth, according to a press release.
The acquisition will help Sovos Brands expand its assets in the yogurt category and the companies will continue to operate and manufacture Noosa’s products out of its Bellvue facility. CEO and President of H.J. Heinz, Sovos will lead Noosa following the acquisition.
“With the addition of Noosa, Sovos will become a more powerful force in the food and beverage sector,” said Johnson. “I’ve had a chance to work first-hand with the team at Sovos, and they bring a wealth of knowledge and capability that will help Noosa continue to scale and grow its brand. As part of Sovos, Noosa will continue to create the same great ‘farm-to-fridge’ products that consumers expect, and I’m excited about what our companies can achieve together.”
The acquisition is expected to be completed by the end of 2018.
For more deli, dairy, bakery, and specialty foods acquisitions, mergers, and mashups, stay tuned to Deli Market News.