Sovos completes noosa yoghurt acquisition

Food and beverage company Sovos Brands has completed its acquisition of noosa yoghurt for an undisclosed sum.

Last month, Sovos signed a merger agreement with Noosa Yoghurt to expand into the yoghurt category.

It will be the third addition to the company’s portfolio in less than two years.

Sovos Brands president and CEO Todd Lachman said: “The addition of noosa allows Sovos to play in three large, on-trend food categories, frozen, sauces and now yoghurt.

“Over the past four years, noosa has more than tripled its sales, market share and local production capacity in Colorado. We plan to build on this success and expand noosa into new markets and geographies and extend it into new categories outside of spoonable yoghurt.”

The acquisition of noosa is expected to help Sovos nearly double its sales as well as diversify its customer base and create a larger infrastructure.

Noosa was co-founded in 2009 by Koel Thomae and Rob Graves. The company’s products are made using whole milk, a touch of wildflower North American honey and real fruit purées on a family farm in Bellvue, Colorado.

Sovos noted that it will continue to manufacture Noosa products at the Bellvue facility in Colorado.

Deutsche Bank served as financial advisor to noosa, and Weil, Gotshal and Manges acted as legal counsel, while McDermott Will and Emery acted as Sovos’ legal counsel.

Last year, Sovos acquired Michael Angelo’s Gourmet Foods, which produces frozen Italian entrees, as well as pasta sauce and other Italian speciality foods maker Rao’s Specialty Foods.