Advent International, a US-based global private equity firm, has acquired a majority stake in Noosa Yoghurt, an Australian yoghurt brand.
The investment is ahead of a $5 million expansion project in 2015 to upgrade equipment and increase sales and distribution.
Two of Advent’s industry advisors will join the board of directors: Bill Johnson, most recently chief executive of Heinz, who will serve as chairman, and Brad Alford, former chief executive of Nestle USA.
Advent is active in the consumer and retail industries where this investment will lie among other food-related companies such as The Coffee Bean & Tea Leaf.
Weil, Gotshal & Manges served as legal advisor to the firm, Integris Partners served as financial advisor to Noosa, and Perkins Coie served as the company’s legal advisor.
Advent International was founded in 1984 and has been recognised as a pioneer global private equity firm. In November 2012, it held a final close on €8.5 billion for its Advent International GPE VII.
The Advent Latin America Private Equity Fund VI closed on $2.1 billion earlier this month.