Advent International-backed Noosa merges with Sovos Brands

Advent International-owned dairy brand Noosa Yoghurt will merge with US food company Sovos Brands, which is also backed by the private equity firm.

Reports earlier this year suggested that Advent had put Colorado-based Noosa up for sale and the merger sees Sovos Brands expand into the yogurt category; its portfolio currently consists of Rao’s Homemade pasta sauces and Michael Angelo’s frozen meals.

Noosa was co-founded in 2009 by Koel Thomae, an Australian expat, and Rob Graves, a Colorado dairy farmer, who set out to bring the Australian-style yogurt with a creamy texture and sweet-tart flavour profile to the US.

The brand’s range is made with whole milk, a touch of wildflower North American honey and fruit purées on a family farm in Bellvue, Colorado. Under the merger plans, Noosa will continue manufacturing products at the same site.

Headquartered in Berkeley, California, Sovos focuses on acquiring brands in on-trend categories with the potential to accelerate growth by investing in distribution, marketing, production and product innovation. It said it was drawn to Noosa’s “unique culture” and commitment to Colorado.

Sovos Brands CEO Todd Lachman said: “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.

“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.” 

According to Bill Johnson, chairman of both the Noosa and Sovos boards of directors, Sovos will guide the yogurt brand into its next phase of growth.

“With the addition of Noosa, Sovos will become a more powerful force in the food and beverage sector,” he said. “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.”

Advent acquired a majority interest in Noosa in November 2014 and over the past four years the brand has “more than tripled its sales, market share and local production capacity in Bellvue”.

Advent managing director Jeff Case said: “Noosa’s merger into Sovos is a clear and logical next step for both companies, as they share the same brand and customer-centric values and growth goals.

“Noosa has established itself as a market leader in the premium yogurt category, and we are confident that it will be well positioned for continued success as part of Sovos Brands. We look forward to working with Sovos to identify new growth opportunities across all their brands.”