Australian frozen dessert and beverage manufacturer, Frosty Boy, has attracted a deep-pocketed new stakeholder in the business, according to reports.
Advent Partners is taking an as yet unknown stake in the privately-owned company in exchange for an unknown sum, according to the Financial Review's Street Talk column.
Advent is understood to be looking to ramp up operations in Asia, and it usually invests between $15 million and $50 million for companies with an enterprise value in the range of $20 million to $150 million, according to Street Talk.
The company's CEO, Dirk Pretorius will reportedly remain with the business.
Frosty Boy operates out a manufacturing plant in Yatala, north of the Gold Coast and supplies cafes, restaurants and fast food chains.
In recent years, the company has maintained an average compound growth of 18 percent per year, and now distributes product to around 50 countries with export representing 75 per cent of its sales.
Frosty Boy, which recently showcased its soft serve ice cream, frozen yoghurt, and frappe bases at Gulfood 2017, at the Dubai World Trade Centre, said it is now making strong headway in the Middle East.
The company's general manager sales and marketing Felipe Demartini said he saw huge opportunity in the Middle East, particularly in Saudi Arabia and the United Arab Emirates.
"We've recently partnered with a local distributor, the Vending Machine Company, who are well connected with major companies across Saudi Arabia and are already making deals to secure our product within these businesses,” Demartini said.