07.02.12
Smart Balance Inc., a U.S. functional food marketer, has acquired Udi’s Healthy Foods LLC, a domestic gluten-free bread and baked goods specialist, for $125 million to “boost its range of gluten-free products and enhance its position in one of the fastest growing categories in the food industry.”
According to Smart Balance’s chairman and CEO, Stephen Hughes, the addition of Udi’s will position the group as a top player in gluten-free, step up its growth rate and diversify further its mix towards high-growth natural brands.
The combined portfolio of gluten-free brands will convert Smart Balance into a one-stop strategic partner to all retailers in North America to address growth in gluten-free.
E&A Industries partner and CEO of Udi’s Healthy Foods, Devin Anderson, said that the combination would allow Udi’s to continue its significant growth. Udi’s net sales grew from $4.3 million in 2009 to more than $72 million expected this year, Mr. Anderson added.
According to Smart Balance’s chairman and CEO, Stephen Hughes, the addition of Udi’s will position the group as a top player in gluten-free, step up its growth rate and diversify further its mix towards high-growth natural brands.
The combined portfolio of gluten-free brands will convert Smart Balance into a one-stop strategic partner to all retailers in North America to address growth in gluten-free.
E&A Industries partner and CEO of Udi’s Healthy Foods, Devin Anderson, said that the combination would allow Udi’s to continue its significant growth. Udi’s net sales grew from $4.3 million in 2009 to more than $72 million expected this year, Mr. Anderson added.