Private equity firm snaps up Aussie-style yogurt brand Noosa
US-based private equity firm Advent International announced late last week it had acquired a majority interest in Noosa Finest Yoghurt.
Noosa, established by a mixture of locals and Australians in Colorado, officially launched in the US in 2010.
Four-years on, Noosa Finest Yoghurt is available in 13 varieties in 5,000 stores across the US, including Whole Foods Markets, Target, Safeway, and Kroger.
“Noosa is a dynamic business with an exciting growth story,” said Jeff Case, managing director, Advent International.
“The company’s management team has done a great job establishing a market in North America for its flavorful yoghurt, and we see significant potential to further develop the business by extending its product line, increasing production capacity and expanding geographically.”
Noosa's executive team, headed by president and chief operating officer (COO), Wade Groetsch, will remain in place and retain a minority stake in the company.
Former Heinz CEO, Bill Johnson, will, however, join Noosa as chairman.
Brad Alford, former CEO of Nestlé USA, will also join the board in an advisory position.
"Noosa has undergone tremendous growth since we introduced our Aussie-style yoghurt in 2010, and we welcome the opportunity to work with Advent to maintain that momentum," said Groetsch.
"We believe the company will benefit from Advent's resources and expertise as we continue our mission to put more Noosa flavors or more grocery shelves all over the country."