California firm to acquire Noosa Yoghurt

BELLVUE — Noosa Yoghurt LLC has been purchased by Sovos Brands, a food and beverage company backed by Advent International. Terms of the deal were not disclosed.

Sovos’ portfolio includes brands such as Michael Angelo’s and Rao’s Homemade, both acquired in 2017. Berkeley, Calif.-based Sovos focuses on acquiring high-quality brands in on-trend categories.

Noosa was co-founded in 2009 by Koel Thomae and Rob Graves, who wanted to bring Australian-style yogurt — creamy with a sweet-tart flavor — to the United States. It is made in Northern Colorado at a family farm and facility in Bellvue, northwest of Fort Collins. Sovos said it plans to keep Noosa’s production there.

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“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,”  Todd Lachman, president and CEO of Sovos Brands, said in a prepared statement. “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.”

Sovos is backed by the private equity firm Advent International, which acquired a majority interest in Noosa in November 2014. Over three years, the company has tripled its sales, market share and production capacity. Distribution grew from 5,000 to 25,0000 stores nationwide, and Noosa now has more than 25 flavors and varieties.

“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,” Jeff Case, a managing director at Advent, said in a prepared statement. “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.”

The deal is expected to close by the end of the year.