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Danone S.A., the Paris-based food company, announced on Tuesday, Jan. 2, that it has entered a deal with Platinum Equity PEF group to sell its dairy businesses in the United States. The company said it signed a contract to sell its Horizon Organic And Wallaby Organic premium dairy brands.
Danone explained that this move is a strategy and part of its portfolio review and asset rotation scheme, which it first announced in March 2022. But while the French food producer revealed its deal with Platinum Equity, it did not disclose the financial aspect of the agreement but said the sale would affect its financials this year, as per Reuters,
Danone's Plan After the Sale of Its US-based Dairy Brands
The company will keep a minority stake in the organic dairy businesses it is selling. Once the deal is completed, Danone's chief executive officer, Antoine de Saint-Affrique, said they will dedicate more time and effort to their strong health-focused units or brands. He said they will also reinvest in Danone's growth priorities as part of its "Renew Danone" blueprint.
"As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation," Danone's CEO said in a statement. "Today marks an important milestone in delivering this commitment while allowing the Horizon Organic and Wallaby businesses to thrive under new leadership."
Platinum Equity Confirms Acquisition of Wallaby and Horizon Organic
In any case, Danone's Horizon Organic and Wallaby brands are operating in the U.S. They mainly sell milk, yogurt, cheese, creamers, and butter. The sales from these business units make up three percent of the company's global revenues.
The American dairy market is estimated to be worth $68 billion, with milk making up $17 billion of that amount. Thus, Platinum Equity's deal with Danone is a good purchase decision.
"Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers," Louis Samson, Platinum Equity's co-president, said in a press release. "The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone's confidence in our ability to build on that legacy and support Horizon Organic's growth as a standalone company."
Photo by: Danone PR Room
