|So Delicious Dairy Free manufactures plant-based, Non-G.M.O. verified beverages, creamers, cultured products and frozen desserts.|
DENVER — The WhiteWave Foods Co. enters the growing plant-based frozen dessert category with its acquisition of So Delicious Dairy Free from Wasserstein & Co. and other shareholders for approximately $195 million in cash.
Eugene, Ore.-based So Delicious manufactures plant-based, Non-G.M.O. verified beverages, creamers, cultured products and frozen desserts. The company posted net sales of $115 million in the year ended June 30 and expects to deliver strong growth in the second half of the year.
“The acquisition of So Delicious represents a great addition to the WhiteWave portfolio and fits squarely within our strategy of driving growth in our core businesses,” said Gregg Engles, chairman and chief executive officer of WhiteWave. “So Delicious is an outstanding company and a unique player in the plant-based food and beverage arena, with consumers seeking out the brand for a broad range of great-tasting, dairy-free beverages, creamers and cultured products. So Delicious is also recognized as the No. 1 plant-based frozen dessert brand in the United States, and it will provide WhiteWave entry into the growing, plant-based frozen dessert category.”
The deal fortifies WhiteWave’s position in the plant-based food and beverage space by building on its platform of Silk and Alpro products and expanding plant-based capabilities.
“Furthermore, in addition to compelling growth and product expansion potential, the extension of the So Delicious business across WhiteWave’s existing business platform, capabilities and infrastructure, is also expected to provide significant cost savings opportunities,” Mr. Engles said. “Simply stated, we believe this is a compelling acquisition that will add a highly complementary brand to WhiteWave’s product portfolio and position us to drive additional shareholder value.”
For So Delicious, the combination supports its commitment to increasing accessibility to dairy-free alternatives.
“For over 25 years, So Delicious has been dedicated to making delicious and responsible, 100% plant-based, non-G.M.O. foods and beverages,” said Chuck Marcy, chief executive officer of So Delicious Dairy Free. “WhiteWave shares our passion for uncompromising commitment to non-G.M.O. integrity, environmental stewardship and sustainability. This combination will give us an opportunity to grow our portfolio of dairy-free solutions, and introduce the benefits of dairy-free living to more families.”The transaction is expected to close within the next few months and will be accretive to WhiteWave’s earnings in the first year following closing, excluding certain transaction and integration expenses.