Noosa Acquired By Lakeview Farms
Lakeview Farms, a producer of refrigerated desserts, dips and specialty food, announced it has entered into a definitive agreement to acquire Australian-style yogurt brand noosa from Campbell Soup Company. Terms of the deal were not disclosed. The transaction is expected to close Q1 2025
Lakeview, a CapVest Partners portfolio company, will gain the rights to all noosa yoghurt trademarks and take over the management and operations of the brand’s manufacturing facility in Bellvue, Colo. Approximately 240 noosa team members will join Lakeview as part of the transaction.
Noosa currently produces a range of yogurt and yogurt-based indulgent products including a range of yogurt tubs and multipack sizes, gelato, cheesecake bites as well as its newly launched Delights yogurt line which comes in dessert-inspired flavors such as Key Lime Pie and Brownie Batter. The products are sold at outlets spanning natural, conventional, club and mass retailers.
Campbell’s acquired noosa in March as part of its $2.7 billion acquisition of Sovos Brands, which included Italian food company Rao’s Homemade and frozen entree producer Michael Angelo’s. The soup company’s executives have emphasized since the close of the deal that they were looking for strategic alternatives for noosa, which deviated from its core categories of meals, beverages and snacks.
During the company’s Investor Day in September, president and CEO Mark Clouse said Campbell’s would not part with the brand unless “it’s a reasonable and fair value” and emphasized that it was “not in any mad rush” to divest the business. According to a press release announcing the deal on Tuesday, Campbell’s said the brand has generated net sales of $177 million in the past 12-month period, ending October 2024.
“Noosa is a well-run business supported by a great team,” said Mick Beekhuizen, EVP and president of Campbell’s Meals & Beverages division, in a press release. “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.”
Lakeview produces an array of refrigerated desserts, dips, salsa, hummus and specialty products under 12 retail brands including its namesake Lakeview Farms banner along with Fresh Cravings, Italian Rose, Tribe, Rojos, Tabla Fresca and Salads of the Sea. The company also has a robust foodservice and private label arm, which manufactures bulk and customized formats of its leading products.
The Ohio-based company operates four R&D facilities as well as one production plant. The addition of noosa adds “significant scale and size” to Lakeview’s capabilities and effectively doubles its production footprint.
“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,” said Tom Davis, Lakeview Farms CEO. “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.”
The deal comes as the $8 billion U.S. yogurt market has gone through a bit of an overhaul this year. In September, General Mills announced its plans to sell its North American yogurt business to Lactalis and Sodiaal which includes leading brands such as Yoplait, Liberté, Go-Gurt, Oui, Mountain High, and :ratio; the deal also included three manufacturing facilities. Additionally, in January Danone announced the sale of its Horizon Organic and Wallaby brands, which produce a range of dairy products including yogurt, to investment firm Platinum Equity.
