French dairy firm Danone has agreed to sell Stonyfield, one of its US dairy subsidiaries, to Lactalis, one of the leading dairy groups globally for $875 million.
Founded in 1983, Stonyfield is an organic yogurt maker based in New Hampshire. The company owns brands like YoBaby, Yo Toddler, YoKids, and Oikos.
The deal, which is subject to customary conditions, is expected to be completed during the third quarter. It is made to keep the commitment with U.S. authorities which was made in 2016 when Danone acquired organic food group WhiteWave, whose brands include Silk and Horizon Organic, for $12.5bn.
According to statement made by Danone “Stonyfield had around $370 million in turnover in 2016, and that the sale price represented a multiple of around 20 times the 2016 earnings before interest, tax, depreciation and amortization (EBITDA) for Stonyfield”.
Source: Financial Times