8 December 2023
Advent Partners (Advent) is pleased to announce the sale of Frosty Boy Holdings Pty Ltd (Frosty Boy or the Company) to Kent Corporation (Kent) based in Iowa, USA. This marks a significant milestone in Frosty Boy’s growth journey as it joins forces with Kent to expand its global reach.
The vision for Frosty Boy when Advent invested in 2016, partnering with CEO, Dirk Pretorius, was to build a leading international dessert and beverage powder specialist. This has come to fruition with revenues doubling under Advent’s ownership.
Frosty Boy has transformed from being primarily focused on desserts, exporting to 48 countries, to a global leader exporting to over 70 countries, with an extensive product range, including desserts, retail products, beverages, bakery, savoury, and nutritional products.
Frosty Boy reaches approximately 1.7 million consumers daily in over 15,000 customer locations. Leading global brands, including seven of the top ten global quick service restaurants, trust Frosty Boy to provide delicious products, Frosty Boy also caters to food service, retail and convenience stores, many of which are household names.
Dirk Pretorius, CEO of Frosty Boy, remarked on the Transaction: “Working with Advent Partners has been a fantastic experience. Advent’s collaborative approach, strategic guidance and unwavering support have been invaluable in helping us navigate through COVID-19 and the various challenges of overseas growth and expansion. I am very proud of everything the Frosty Boy management team and staff have achieved. This partnership with Kent ensures we continue to lead in delivering top-quality, innovative food solutions globally.”
Symon Vegter, Partner at Advent Partners, commented: “Our journey with Dirk and the Frosty Boy Team has been a remarkable Australian export story. We are proud to have partnered with an amazing team and supported the Company’s growth via expansion into new products and markets. This acquisition by Kent highlights the success of the investment strategy and ensures a bright future for Frosty Boy.”
The sale generated an excellent return for Advent Partners 1 investors.
Advent was advised by Oaktower Partnership, Tooronga Advisory and Herbert Smith Freehills.