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Nestle has a newly-acquired company, and it is the protein shake maker, Orgain. The latter produces plant-based bars, shakes, and protein powders, and the Swiss multinational food and drink processing company headquartered in Vevey, Vaud, Switzerland, bought a majority stake for an undisclosed amount.
Andrew Abraham, Orgain's founder, and Butterfly Equity will remain shareholders of the company once the deal is completed. According to Food Dive, the agreement between Nestle and Orgain includes the option for the former to buy the rest of the shares in the company in 2024. Abraham will also retain his position as the chief executive officer of Orgain.
It was said that the stake acquisition will push and step up Nestlé's efforts to grow its health and wellness business unit. To attain its goal, the company will also be removing some of its divisions that are growing slowly compared to the others.
In fact, Nestlé already offloaded its confections and ice cream businesses and last year, it has also disposed of the majority of its North American bottled waters business for $4.3 billion as it was already struggling to stay afloat.
With its new deal with Orgain, Nestle will also be able to focus more on its other international premium brands that have big potential to grow further such as Perrier. Orgain will also give the firm fresh products to offer especially with the growing demand for plant-based items around the world. Furthermore, Orgain will give Nestle a deeper presence in trendy categories that are becoming really popular with consumers.
"Nutritional protein plays a key role in supporting our health and wellness, whether we enjoy an active lifestyle or are facing health challenges," Nestlé Health Science chief executive officer, Greg Behar, said in a press release. "Orgain's emphasis on clean, all natural, plant-based, organic ingredients has made it a leader in the U.S., and we look forward to combining our companies' expertise to bring Orgain to more people around the world."
Dr. Abraham, CEO and Founder of Orgain, also said, "We've worked hard to develop innovative products that make a real difference in consumers' lives, and now through Nestlé Health Science's capabilities, resources and dedication to nutrition, we will be able to reach more people around the world."
Meanwhile, the acquisition deal is still subject to customary regulatory approvals.
