Noumi Limited, parent of MilkLab and Australia’s Own, is set to go private after its largest shareholder agreed to acquire the remaining stake in the company.
Noumi has entered into a binding scheme implementation deed (SID) with Arrovest, in which Arrovest will acquire all the company’s ordinary shares that it does not already own by way of a scheme of arrangement. The transaction value is approximately $737 million.
Under the scheme, shareholders other than Arrovest will receive $0.1234 cash per share, an approximate 12.2 per cent premium to the closing price on July 20 and a 30 per cent premium to the 30-day volume-weighted average price.
Noumi said the move follows a comprehensive, year-long strategic review to identify viable options to address the approximately $610 million mandatory cash redemption of the notes due next May. Current debt obligations, including the notes redemption amount, are approximately $703 million.
“With the assistance of our advisers and over a 12-month strategic review process, we tested a broad range of sale, recapitalisation, refinancing and Note amendment alternatives,” said Genevieve Gregor, chairwoman of Noumi.
“In the independent board committee’s view, Arrovest’s proposal is the only credible and executable pathway identified that addresses the Note maturity as part of a coordinated debt and equity solution and delivers a cash outcome to Scheme Shareholders and Listed Optionholders.”
The scheme meetings and implementation are expected to occur in November. The company expects its FY26 adjusted operating EBITDA to be approximately $61 million to $63 million, compared to $57.4 million in FY25.
Founded in 1984, Noumi Limited owns brands including MilkLab, Australia’s Own, Vital Strength, PureNFerrin, Crankt, UProtein, So Natural and Vitalife. The company, formerly known as Freedom Foods, had traded as high as $6.73 per share in 2018, before it was forced to restate several years of accounts following a nine-month suspension in 2020.
The incident resulted in almost $600 million being slashed from Noumi’s value and a change in leadership, with Michael Perich appointed as CEO and Gregor as chair to lead a turnaround.
Arrovest is an investment vehicle owned by the billionaire Perich family, who also owns the Leppington Pastoral Company, one of Australia’s largest dairy operations.
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