26 February, Lakeview Farms, a CapVest Partners portfolio company, has completed its merger with Noosa Holdings.
The merged business will be known as Novus Foods and will seek to dominate the refrigerated section of supermarkets. Noosa Yogurt will be an autonomous division of Novus Foods.
The acquisition entails Noosa's product portfolio, staff, and cutting-edge production plant in Bellvue, Colorado. Around 240 existing Noosa staff have become part of Novus Foods as a consequence of the acquisition.
Tom Davis, CEO of Lakeview Farms, commented: "This is an enormous opportunity for both companies to draw on their strengths and innovate with the expanding yogurt category and beyond. Novus Foods will capture the combined vision, knowledge, and passion of the companies for providing high quality, innovative fresh foods to consumers."
Paula Benedetto, Noosa general manager, said: "We are thrilled to be joining Lakeview Farms, a business that is like-minded with us in terms of our profound dedication to quality and enthusiasm for the refrigerated snacking category. As one company, Novus Foods, we have an enhanced platform on which to build and bring superior products to our customers and consumers."
The acquisition of Lakeview Farms by Noosa to foster Novus Foods is adding to the cold chain industry by enhancing the strength and coverage of refrigerated food items. According to Coherent Market Insights, the cold chain industry will grow at 15.3% CAGR during the forecast period 2023-2030. It was worth US$ 270.8 Mn in 2023 and shall be US$ 733.7 Mn during the end of the year 2030.
The growing demand for perishable goods is a significant driver of the global chain industry. These goods include a wide range of products such as fruits, vegetables, dairy products, meat, seafood, and pharmaceuticals, which require temperature-controlled handling throughout the supply chain to maintain their quality and safety, says CMI’s management consultant Ameya Thakkar.
The union of Lakeview Farms and Noosa Holdings to create Novus Foods strengthens the company's role in the cold chain industry, which is experiencing high growth rates, especially in refrigerated food. The synergy of Noosa's yogurt business with the footprint of Lakeview Farms makes Novus Foods poised to ride on the surging demand for temperature-sensitive items. The cold chain sector, anticipated to develop a 15.3% CAGR from 2023 through 2030, is being favorably served by this amalgamation since it improves distribution as well as innovation within perishables. The rebranding of Novus Foods shall be over by 2025, solidifying its place further within the shifting refrigerated foods industry.