|Noosa manufactures an Australian-style yogurt, which has been described as tangy and tart.|
BELLVUE, COLO. – Noosa Yoghurt L.L.C., a maker of Australian-style yogurt, has been acquired by Advent International, Boston, a private equity firm. Noosa’s current management team will remain in place, according to Advent. Terms of the transaction were not announced.
“Noosa is a dynamic business with an exciting growth story,” said Jeff Case, a managing director with 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 has appointed two of its industry advisors to Noosa's board of directors: Bill Johnson, the former chief executive officer of Heinz, will serve as chairman, and Brad Alford, the former c.e.o. of Nestle USA, will also provide his 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,” said Wade Groetsch, president and chief operating officer. “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.”
Noosa was founded in 2009 and named after a town in Queensland, Australia. The company manufactures an Australian-style yogurt, which has been described as tangy and tart. Since its launch the company has introduced 13 yogurt varieties to the U.S. market and expanded its distribution nationwide.