NOBLE FOODS has agreed to sell its luxury dessert brand Gü to private equity firm Exponent for an undisclosed figure.
The egg packer bought Gü in 2010 and has developed it into a category leader for premium desserts at retail, with sales up 25% to £69m last year.
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Exponent has developed several household brands, including Quorn, Loch Lomond Whiskey and Proper.
Noble Foods recently invested in a new manufacturing facility for Gü, and the firm has expanded the product range in recent years, with more plans for growth in the pipeline.
The brand is also growing in both France and Germany.
Pete Utting, managing director at Gü, said: “We are excited to be partnering with Exponent on the next stage of Gü’s growth journey.
“Exponent has already committed to a significant investment to further increase capacity at our UK site, which will enable us to meet our future demand from the UK, Europe and the US.”
Duncan Everett, CEO of Noble Foods Group, added: “We strongly believe that Exponent has the necessary expertise to grow the Gü business even further, especially increasing its international reach.
“The sale allows us to invest and grow Noble Foods’ core business and brands.
Simon Davidson, Senior Partner at Exponent, said: “We are very pleased to welcome Gü to the Exponent portfolio.
“We have followed the business for over a decade, having recognised its exceptional brand, great products and strong growth potential.
“We now look forward to supporting Pete and the team as they deliver its next phase of growth. Building on its success in the UK, we believe Gü has enormous international potential with the opportunity to create a truly global, premium indulgence brand.”
The sale is expected to conclude in June.