Perich Family's Arrovest to Acquire Noumi in A$737 Million Deal

The Perich family's investment vehicle, Arrovest, announced its intention to acquire Noumi Limited, the owner of the Milklab brand, in a transaction valued at A$737 million. This move comes after a comprehensive strategic review by Noumi’s independent board committee, which was aimed at addressing the company's severe debt obligations. Under the terms of the agreement, Arrovest will purchase minority shares at A$0.1234 each and listed options at A$0.002 each.

The overall enterprise valuation of A$737 million includes an equity value and covers approximately A$703 million in debt obligations. A significant portion of this debt includes a mandatory A$610 million cash redemption on convertible notes due by May 2027. This buyout represents a critical phase for Noumi, which underwent significant restructuring after being suspended from the Australian Securities Exchange (ASX) in 2020 following an accounting scandal that significantly reduced its market capitalization.

Following the scandal, the company rebranded itself from Freedom Foods to Noumi in 2021 and divested non-core asset divisions. Michael Perich was appointed as CEO during this restructuring phase. The board of Noumi has concluded that the privatization proposal from Arrovest is the only viable option to address the maturity of notes while ensuring cash returns to minority shareholders.

Despite its broader corporate debt challenges, Noumi's operational performance has shown positive momentum, especially with its flagship Milklab brand. Sales in the Milklab's dairy, nutritionals, and plant-based product lines have seen growth, driven by a 20% increase in oat milk demand, a 45% expansion in plant-based retail, and a 10% rise in export volumes. The company's management has projected an adjusted EBITDA of between A$61 million and A$63 million for the 2026 financial year.