Frosty Boy



Dec 2016

Investment Date

Nov 2023

Exit Date

Our investment in Frosty Boy

Similar to Gourmet Garden, Frosty Boy is another example of a great Australian exporter, as highlighted by being recognised as the 2023 Queensland Exporter of the Year. Frosty Boy manufactures dessert, beverage, bakery, savoury and nutritional products. Its high-quality products and unique service offering spanning product design, packaging design, consumer insights and product innovation provide a strong competitive advantage. Leading global brands, including seven of the top ten global Quick Service Restaurants (QSRs) such as KFC, Burger King and Wendy’s, foodservice brands such as Godiva and Krispy Kreme, and retail players such as Woolworths and 7/11, trust Frosty Boy. Today, Frosty Boy’s product range reaches approximately 1.7 million consumers daily in over 15,000 customer locations.

The Opportunity

When we acquired Frosty Boy, the investment thesis focused on building a leading international dessert and beverage powder specialist. Key pillars of this thesis included expanding the sales team across emerging markets such as Asia Pacific, Middle East and Latin America, improving customer mix, investing in brand and marketing, and engaging in research and development to expand products and categories. We were able to successfully execute all of the above during our investment period.

Demonstrated Impact

The Frosty Boy management team, supported by Advent, generated remarkable growth during our investment period. In 2016, Frosty Boy exported products to 48 countries, primarily focused on desserts. Today, the Company exports to over 70 countries and has an extensive product range, which includes desserts, retail products, beverages, bakery, savoury, and nutritional products. Significant investment in Frosty Boy’s go-to-market strategy, supported by an expansion of its manufacturing capabilities, drove overseas growth and a broadening of its product offering. As a result of all of these factors, revenue doubled during Advent’s investment period.


The business was sold to Kent Corporation (Kent), based in Iowa, USA. Strong revenue growth, expansion into new markets and products, and investments in manufacturing capabilities drove value creation. The transaction with Kent marks a significant milestone in Frosty Boy’s growth journey as the combined business expands its global reach.

“Working with Advent Partners has been a fantastic experience. Advent’s collaborative approach, strategic guidance and unwavering support have been invaluable. We’ve faced our fair share of challenges, including navigating through the uncertainties brought about by COVID-19. Yet, through it all, the support and guidance from Advent Partners have been unwavering. Their partnership has been more than just a business alliance; it has been a source of strength and inspiration, helping us to not only overcome challenges but to emerge stronger and more resilient. I am very proud of everything the Frosty management team and staff have achieved.”

Dirk Pretorius, Managing Director, Frosty Boy

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