Platinum Equity to Acquire Horizon Organic, Wallaby from Danone
Leading dairy products brands projected to benefit from Platinum Equity's carve-out experience and operational expertise
Platinum Equity announced the signing of a definitive agreement to acquire Horizon Organic and Wallaby from Danone.
Horizon Organic is a USDA-certified organic dairy brand and is a pioneer in dairy beverages, having introduced the first organic milk available coast to coast in the United States in 1991. Horizon Organic's portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter.
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The proposed acquisition also includes the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.
The US dairy category is estimated at $68 billion with milk comprising approximately $17 billion of that total.
Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. The firm recently announced the pending acquisition of Kohler Energy from Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson, among others.
Platinum Equity's current portfolio includes Biscuit International, a European manufacturer of private-label sweet biscuits, wine producer Fantini Group Vini and seafood provider Iberconsa. Previous Platinum Equity investments include JM Swank, a food ingredients distributor acquired from ConAgra, and Harvest Meat Company, a US distributor of packaged meat and bakery products.
The proposed acquisition of Horizon Organic and Wallaby is subject to customary closing conditions and regulatory approval.
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