USA: Danone acquires majority stake in Kate Farms

Danone, the food and beverage multinational, has announced that it has entered into a definitive agreement to acquire a majority stake in Kate Farms, a US-based producer of plant-based, nutritional shakes and formulas for adults and children.

Kate Farms shakes are described as containing organic pea protein, fibre and phytonutrients, with no artificial additives or any of the top nine allergens.

Commenting on the move, Kate Farms chairman and chief executive officer Brett Matthews said: “It is rare that two companies come together by virtue of the same values and a philosophy of building a growth company that helps people live their best lives, delivered by team members who show their heart and expertise every day”.

“As a business founded on and guided by deeply held values, it was important for us to partner with an organization that is aligned with our mission in this way, and we believe Danone is the perfect fit to continue to make nutrition the foundation of health”, he added.

Danone Group deputy CEO and CEO Americas Shane Grant said: “This partnership aligns perfectly with our science-based and patient-centered approach to specialized nutrition, and it marks another important milestone in Danone’s 125-year Specialized Nutrition history. Kate Farms’ innovative medical nutrition products expand our offerings, enhance our ability to provide better solutions for people with wide-ranging health needs, and support healthier lives, both in the U.S. and globally”.

The transaction is subject to customary closing conditions, including regulatory approvals.

Source: Kate Farms