Noosa has signed an agreement to merge with Sovos Brands. Both companies are backed by food and beverage company Advent International, and the deal will help Sovos Brands expand into the yogurt category.
Advent's relationship with Noosa dates back to November 2014, when the company acquired a majority stake in the yogurt maker. Over the past few years, Advent has worked with Noosa's founders and management team to accelerate growth, more than tripling noosa's sales, market share, and local production capacity in Bellvue, Colo. The brand also introduced more than 25 new flavors and sizes, and increased distribution from 5,000 stores to 25,000 nationwide. According to Advent, noosa's merger into Sovos is a logical next step for both companies, as they share similar growth goals. The brand plans to continue manufacturing at its Bellvue facility.
In January 2017, Sovos acquired Michael Angelo's Gourmet Foods, a producer of premium frozen Italian entrees, and in July 2017 purchased Rao's Specialty Foods Inc., which produces premium pasta sauce and other Italian specialty foods.
Related: Noosa Yoghurt May Sell Itself; Rao's Specialty Foods Acquired By Sovos Brands.
from Industry Operations https://ift.tt/2Q5Ls0M
No comments: