Advent International, Boston, acquired Noosa Yoghurt, LLC, Bellvue, Colo. Noosa’s executive team remains in place and retained a significant minority ownership position in the company. Financial terms of the transaction were not disclosed.
Founded in 2009 and named after a coastal town in Queensland, Australia, Noosa is known for its tangy and tart Aussie-style yogurt. Since launch, Noosa has introduced 13 varieties, including three in 2014, experienced triple digit growth and expanded its footprint across 5,000 traditional and natural grocery retailers nationwide. In 2015, Noosa will complete a $5 million expansion project to upgrade existing equipment and keep up with increasing sales and distribution.
“Noosa is a dynamic business with an exciting growth story,” says Jeff Case, managing director at Advent. “The company’s management team has done a great job establishing a market in North America for its flavorful yogurt, and we see significant potential to further develop the business by extending its product line, increasing production capacity and expanding geographically.”
As part of the transaction, Advent is bringing two of its industry advisors to Noosa’s board of directors. Bill Johnson, most recently chief executive officer of Heinz, will serve as chairman, and Brad Alford, former chief executive officer of Nestlé USA, will also provide his experienced guidance.
“Noosa has undergone tremendous growth since we introduced our Aussie-style yogurt in 2010, and we welcome the opportunity to work with Advent to maintain that momentum,” says Wade Groetsch, president and COO of Noosa. “We believe the company will benefit from Advent’s resources and expertise, as we continue our mission to put more Noosa flavors on more grocery store shelves all over the country.”
“Making our yogurt is a true labor of love that our team has put their heart and soul into since our founding,” adds Koel Thomae, co-founder and executive vice president of sales at Noosa. “We look forward to partnering with Advent, as we bring Aussie culture and local, farm-fresh ingredients to even more consumers across the nation.”