ITC, the leading Indian conglomerate, has announced the acquisition of Sproutlife Foods, the company behind the Yoga Bar brand of cereal and snack foods, over the next three to four years.
In a press release, ITC said the deal would enable it to further diversify its portfolio and enhance its presence in the ‘good for you’ space , aligning with the company’s “ITC Next” strategy.
Sproutlife Foods describes itself as a nutrition-led food company offering a range of protein bars, muesli, peanut butters, and gluten-free oats that are “all-natural”, with no artificial preservatives.
Commenting on the acquisition, Hemant Malik, divisional chief executive, Foods Division at ITC stated: “We believe that this investment is an exciting opportunity that aligns with ITC’s Foods Business’ aspiration to build a formidable portfolio in the nutrition-led healthy foods space. […] Yoga Bar has established itself as a leading brand in the healthy foods space, driven by impactful market positioning and a range of innovative products”.
ITC is investing 175 crore INR ($21 million) initially, acquiring 39.4% of Sproutlife Foods’ share capital by 15th February. The gradual acquisition of the remaining 47.5% stake is set to follows by 31st March 2025, based on predefined criteria and conditions.
Source: ITC / Sproutlife Foods