SunOpta has announced the acquisition of plant-based beverages brands Dream and WestSoy from Haim Celestial for $33 million.
The acquisition will allow SunOpta, a leading manufacturer of organic, natural, and non-GMO plant-based and fruit-based food and beverage products, to accelerate growth in the dairy alternative sector.
“This transaction is very consistent with our previously stated objective of pursuing strong organic and inorganic growth in our plant-based business,” said Joe Ennen, SunOpta’s CEO. “Since SunOpta has been manufacturing these brands for years when this opportunity presented itself, it was an obvious fit for us to own these brands. These leading brands will receive the appropriate attention within SunOpta, along with an objective of developing growth opportunities for each of the Dream and WestSoy branded products.”
Mark L. Schiller, Hain Celestial’s president, and CEO commented, “We considered this business to be non-core within our North American business, and as such, this divestiture fully aligns with both our portfolio simplification process and prioritization efforts of our Get Bigger brands.”
Hain Celestial is a leading organic and natural products company with operations in North America, Europe, Asia, and the Middle East.
Source: SunOpta and Hain Celestial press releases