01.02.14
The WhiteWave Foods Company has agreed to acquire Earthbound Farm, one of the country’s leading organic food brands, from its existing shareholders led by Kainos Capital and founders Drew & Myra Goodman, for approximately $600 million in cash.
With anticipated 2013 net sales of more than $500 million, Earthbound Farm is the largest organic produce brand in North America and a leader in the value-added organic packaged salad category. Earthbound Farm also produces and markets a line of organic fresh fruits and vegetables, frozen fruits and vegetables and dried fruits and snacks. WhiteWave manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages and premium dairy products throughout North America and Europe under widely-recognized, brands including Silk, Horizon Organic, International Delight, and LAND O LAKES.
“Fresh foods are one of the most attractive, emerging trends in the food industry today and the market for organic products continues to grow steadily,” said Gregg Engles, chairman and CEO of WhiteWave. “With Horizon Organic and Earthbound Farm, WhiteWave will now provide the two most popular gateways for consumers to enter into the organic category—produce and dairy.”
The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed during the first quarter of 2014.
WhiteWave plans to operate Earthbound Farm as a separate business unit, based in San Juan Bautista, CA. No significant operational changes are anticipated at Earthbound Farm as a result of the acquisition.
With anticipated 2013 net sales of more than $500 million, Earthbound Farm is the largest organic produce brand in North America and a leader in the value-added organic packaged salad category. Earthbound Farm also produces and markets a line of organic fresh fruits and vegetables, frozen fruits and vegetables and dried fruits and snacks. WhiteWave manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages and premium dairy products throughout North America and Europe under widely-recognized, brands including Silk, Horizon Organic, International Delight, and LAND O LAKES.
“Fresh foods are one of the most attractive, emerging trends in the food industry today and the market for organic products continues to grow steadily,” said Gregg Engles, chairman and CEO of WhiteWave. “With Horizon Organic and Earthbound Farm, WhiteWave will now provide the two most popular gateways for consumers to enter into the organic category—produce and dairy.”
The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to be completed during the first quarter of 2014.
WhiteWave plans to operate Earthbound Farm as a separate business unit, based in San Juan Bautista, CA. No significant operational changes are anticipated at Earthbound Farm as a result of the acquisition.
