Advent Partners sells Frosty Boy to US buyer
Private equity fund Advent Partners has taken its final lick of Frosty Boy.
The fund, led by dealmakers Symon Vegter, Robert Radcliffe-Smith and Michael Frawley, has divested its dessert and treat manufacturer to Kent Corporation, an Iowa-based producer of animal feed and food and beverage products.
Advent Partners first invested in Frosty Boy in 2016. Frosty Boy
Kent’s Precision Foods Group is home to brands such as Sqwincher hydration drinks, PKLfreeze dill-flavoured electrolyte freeze pops and the Mrs Wages pickles and condiments business, and specialises in packaging dry mix food products.
Advent took a stake in Frosty Boy in late 2016, seeking to ramp up its operations in Asia, the Middle East and Latin America. Today, the Queensland-headquartered business churns out soft-serve ice cream, frozen yoghurt and beverage powders to 70 countries in more than 15,000 outlets. Its goods are supplied to cafes, restaurants and fast food chains including KFC, Burger King and Wendy’s.
The acquisition of Frosty Boy, which is more than 40 years old, will see Kent expand its global footprint and Advent exit its second go at the global food export industry.
Its other investment in the space was herbs and spices company Gourmet Garden, which it offloaded in 2016 making 2.7-times its original investment.
The private equity firm typically writes equity cheques of between $15 million and $50 million for companies with an enterprise value in the range of $20 million to $150 million. Advent said it had doubled Frosty Boy’s revenue under its ownership.
Oaktower Partnership, Tooronga Advisory and Herbert Smith Freehills were on hand to advise Advent.
Introducing your Newsfeed
Follow the topics, people and companies that matter to you.
Find out more