Latest news with #MichelleLaver
Time of India
13-05-2025
- Business
- Time of India
Danone plans to acquire U.S. plant-based organic formula maker Kate Farms
HighlightsDanone, the French food giant, has agreed to acquire a majority stake in Kate Farms, a U.S. producer of plant-based organic drinks that caters to specialized nutrition needs. Kate Farms, founded in 2012 by Richard and Michelle Laver, offers formulas and shakes designed for individuals with health conditions, including those requiring tube feeding. The deal, which is subject to regulatory approval, will see Kate Farms' CEO, Brett Matthews, taking on the role of chairman and CEO of Danone's North American Medical Nutrition business. Danone said on Monday it has agreed to buy a majority stake in Kate Farms , a U.S. maker of plant-based organic drinks that will fit into the French food giant's specialized nutrition portfolio. Santa Barbara, California-based Kate Farms makes formulas and shakes for everyday needs as well as for tube feeding for people with health conditions. Richard and Michelle Laver founded the company in 2012 after their daughter Kate, who has cerebral palsy, had difficulties with eating. Their products are sold to hospitals and consumers across the country. "We consider Kate Farms very complementary to our specialized nutrition offerings and capabilities, which we believe will allow us to reach more consumers and patients and bring a high-quality new standard of care to more people with a wider variety of health needs," Danone Group Deputy CEO Shane Grant said in an interview. "It's a really important build for us in the U.S." The size of the majority stake and financial terms were not disclosed. Paris-based Danone, which owns yogurt brand Activia, plant-based milk brand Silk and Evian water, signaled its interest in acquisitions after it reported strong 2024 earnings in February. Kate Farms has previously raised money from investors such as Goldman Sachs Asset Management and Main Street Advisors. In 2022, it raised $75 million in a Series C growth capital round. Kate Farms' senior management will retain a minority stake in the business, and its CEO, Brett Matthews, will serve as chairman and CEO of Danone's North American Medical Nutrition business. Danone has been operating in the U.S. since 1942, and now has more than 5,000 U.S. employees and 13 U.S. manufacturing facilities and one research and development hub. It has a market value of about $57 billion. The deal is subject to regulatory approval.
Yahoo
13-05-2025
- Business
- Yahoo
Danone to buy majority stake in plant-based nutrition shake maker Kate Farms
This story was originally published on Food Dive. To receive daily news and insights, subscribe to our free daily Food Dive newsletter. Yogurt giant Danone said Monday it reached an agreement to acquire a majority stake in Kate Farms, a maker of plant-based nutrition shakes. The acquisition will expand Danone's specialized nutrition offerings. Kate Farms produces a variety of specialized shakes to support medical needs, daily nutritional goals, and kids' health. Kate Farms' senior management will retain a minority stake in the combined business following the close of the transaction, which is still subject to regulatory approval. No financial details were disclosed. Though best known for its yogurts in the U.S., Danone has a wide portfolio of medical nutrition products that has recently garnered strong demand in other markets around the world. Now, Danone wants to replicate that success in North America by building out its offerings. Kate Farms was founded in 2012 by Richard and Michelle Laver, who wanted to create a better tasting alternative to tube feeding formulas for their daughter Kate, who has cerebral palsy. The products are sold to hospitals and consumers, and the brand entered a national retailer for the first time in March with a new children's nutritional shake that will be sold at Target. '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,' Shane Grant, Danone Group Deputy CEO and CEO Americas, said in a statement. Danone's specialized nutrition segment grew 5.3% in the first quarter compared to the same period last year. Recent product additions, including a plant-based tube feeding nutritional offering, 'are growing very fast,' CFO Juergen Esser said in an earnings call last month, 'getting us in a strong position to capture the growth this exciting category is offering.' The majority of Danone's specialty nutrition products are in markets outside of North America, with executives noting that the company's U.S. business is heavily skewed toward yogurt and traditional dairy offerings. But with fast-paced growth of nutritional products, Esser said the company is 'actively working to grow our other legs' of its North American business and expand its portfolio. While Kate Farms gives Danone more of a medical nutrition foothold in North America, the deal with the dairy giant also allows the U.S. brand to reach new markets. 'Together, we can bring our innovative scientifically developed nutritional products to more and more people,' Brett Matthews, CEO of Kate Farms, said in a statement. 'Building on Danone's expertise, we can also expand internationally.' Recommended Reading How Danone's yogurt taps into consumer demand for 'benefit stacking' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-05-2025
- Business
- Yahoo
Danone buys majority of plant-based nutrition business Kate Farms
Danone has struck a deal to acquire a majority stake in Kate Farms, a US-based business that makes plant-based and organic nutrition products. Founded in 2011 by Richard and Michelle Laver, California-based Kate Farms supplies a range of products from nutritional shakes on sale at mass-market retailers to tube-feeding products sold directly to healthcare providers. Kate Farms categorises its product into four areas: 'everyday nutrition' for daily dietary needs; 'medical nutrition' for medical and dietary requirements; 'kids nutrition' for children aged one to 13 years; and specialised nutrition to support diets targeting specific health conditions. The company's customers span retailers including Walmart and Amazon to more than 1,400 hospitals. Danone Group deputy CEO Shane Grant said: 'This partnership aligns perfectly with our science-based and patient-centred approach to specialised nutrition. '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 US and globally.' The financial details of the agreement have not been disclosed. Danone said the senior management of Kate Farms will retain a minority stake in the business. Kate Farms CEO Brett Matthews will assume the role of chairman and CEO of Danone's North American Medical Nutrition division. Matthews said: 'Together, we can bring our innovative scientifically developed nutritional products to more and more people. 'Building on Danone's expertise, we can also expand internationally. 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.' Commenting on the deal, Barclays equity analyst Warren Ackerman, said: 'Whilst the deal is not material for Danone, we consider it a clear signal as to the company's direction of travel and it follows a similar path to the Functional Formularies deal.' In May last year, Danone snapped up US tube-feeding business Functional Formularies from private-equity firm Swander Pace Capital. Ackerman said Barclays estimates Danone's adult medical nutrition business accounts for 12% of the company's revenues and close to 20% of group EBIT. The business is, he added, "a good hedge to declining fertility rates which could impact its infant nutrition unit". Danone has three group divisions: Essential Dairy & Plant-Based Products; Waters; and Specialized Nutrition. The medical business is housed within Specialized Nutrition, alongside infant formula. In 2024, the group's sales grew by 4.3% on a like-for-like basis, reaching €27.37bn. The Specialized Nutrition segment saw sales increase by 5.1% on a reported basis to €8.93bn. Danone does not provide a breakdown of its medical-nutrition sales but said the growth its Specialized Nutrition division saw in 2024 in North America was led by the unit. Meanwhile, it reported 'strong momentum' for medical nutrition across its China, north Asia and Oceania reporting unit last year. "Danone buys majority of plant-based nutrition business Kate Farms" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RTÉ News
12-05-2025
- Business
- RTÉ News
Danone acquires US plant-based organic formula maker Kate Farms
Danone said today it has agreed to buy a majority stake in Kate Farms, a US maker of plant-based organic drinks that will fit into the French food giant's specialized nutrition portfolio. Santa Barbara, California-based Kate Farms makes formulas and shakes for everyday needs as well as for tube feeding for people with health conditions. Richard and Michelle Laver founded the company in 2012 after their daughter Kate, who has cerebral palsy, had difficulties with eating. Their products are sold to hospitals and consumers across the country. "We consider Kate Farms very complementary to our specialised nutrition offerings and capabilities, which we believe will allow us to reach more consumers and patients and bring a high-quality new standard of care to more people with a wider variety of health needs," Danone Group Deputy CEO Shane Grant said in an interview. "It's a really important build for us in the US," he added. The size of the majority stake and financial terms were not disclosed. Paris-based Danone, which owns yogurt brand Activia, plant-based milk brand Silk and Evian water, signaled its interest in acquisitions after it reported strong 2024 earnings in February. Kate Farms has previously raised money from investors such as Goldman Sachs Asset Management and Main Street Advisors. In 2022, it raised $75m in a Series C growth capital round. Kate Farms' senior management will retain a minority stake in the business, and its CEO, Brett Matthews, will serve as chairman and CEO of Danone's North American Medical Nutrition business. Danone has been operating in the US since 1942, and now has more than 5,000 US employees and 13 US manufacturing facilities and one research and development hub. It has a market value of about $57 billion.
