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Forbidden Foods, a health & wellness focused food company, has announced that it has reached an agreement to acquire Oat Milk Goodness (OMG), a leading Australian plant-based non-dairy milk company, for A$3.4 million ($2.25 million).
Founded in 2019, OMG’s portfolio includes barista and chocolate oat milks, as well as a chocolate oat milk with faba bean and pea protein, and is retailed at Woolworths, Ampol Foodary locations, health stores and online.
Commenting on the acquisition, Forbidden Foods chief executive officer Alex Aleksic said: “The proposed transaction represents a unique opportunity to leverage the respective strengths of both companies and create an integrated multi-channel, health-focused products business serving domestic and international markets. Strategically, the Forbidden Foods Board and management team holds the view that OMG’s product suite specifically complements Forbidden Foods’ core range of Blue Dinosaur healthy snack foods, by adding a leading health-drink range in a fast-growing market”.
Oat Milk Goodness co-founder Steve Smith added: “We are excited to have entered into this SPA with Forbidden Foods and are confident that it will provide a springboard for OMG’s future growth. While there are a number of synergies between the businesses, OMG has the potential to benefit from the agreement through access to capital markets and international expansion opportunities”.
The transaction is expected to be completed by the end of September.
Source: Forbidden Foods / GreenQueen
