Danone, the French consumer goods giant, has signed an agreement to sell the Horizon Organic and Wallaby dairy brands to US-based investment firm Platinum Equity for an undisclosed sum.
Established in 1991, Horizon Organic offers USDA-certified organic dairy products ranging from milk and creamers to yoghurt, cheese, and butter. Australian brand Wallaby Organic specializes in creamy yoghurts, including traditional Australian-style and organic Greek yogurt varieties.
Commenting on the deal, Antoine de Saint-Affrique, chief executive officer of Danone said: “As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation. Today marks an important milestone in delivering this commitment while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership”.
“This sale, once completed, will allow us to concentrate further on our current portfolio of strong health-focused brands and reinvest in our growth priorities”, he added.
The proposed acquisition is subject to customary closing conditions and regulatory approval.
Source: Platinum Equity / Consumer Goods