US-based dips, desserts and speciality food manufacturer Lakeview Farms has entered into an agreement to acquire the Noosa Yoghurt brand from Campbell Soup Company.
Noosa manufactures Australian-style yogurt products, made with whole milk, as well as gelato and cheesecake. The Noosa brand will become part of Lakeview Farms’ portfolio of brands in the fresh foods space, adding ‘significant size and scale’ to its refrigerated portfolio and expanding its presence into the yogurt category.
The transaction includes all Noosa trademarks and its manufacturing facility in Bellvue, Colorado, US. Around 240 current Noosa team members will transition to Lakeview Farms. Lakeview expects the strategic acquisition to unlock new opportunities and capabilities for its future growth in the US market.
Campbell’s purchased Noosa as part of the Sovos Brands acquisition in March this year. At that time, Campbell’s shared its intention to evaluate strategic alternatives for the brand, as it said that the yogurt category is not core to its strategy.
Mick Beekhuizen, EVP and president of Campbell’s Meals & Beverages, said: “Noosa is a well-run business supported by a great team. We are pleased that its new home will be with a buyer with a strategic focus on the refrigerated category. The sale will drive greater focus on our portfolio of leadership brands.”
Tom Davis, Lakeview Farms’ CEO, commented: “We are excited to welcome the Noosa Yoghurt brand and team to the Lakeview Farms family. Noosa fits perfectly into our portfolio of premium refrigerated food brands and offers Lakeview a unique opportunity to step into the high-growth yogurt category.”
Davis continued: “Noosa also brings us a team with deep talent and expertise and a state-of-the-art manufacturing facility. We look forward to Noosa joining us as we continue building our business through commitment to innovation, quality products and world-class manufacturing and distribution.”
Campbell said that it does not expect the divestiture to have a material impact to its fiscal 2025 financial results.
The transaction is anticipated to close in the first quarter of 2025, subject to customary closing conditions. Financial terms were not disclosed.
by Phoebe Fraser
Source: foodbev.com
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