Danone's Happy Family buy to boost presence
Source: Bloomberg News |
May 14, 2013, Tuesday
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DANONE, owner of the Evian water and Activia yogurt brands, agreed to buy Happy Family, a US maker of organic baby food, to boost its fast-growing infant-nutrition division.
Danone will acquire more than 90 percent of the New York-based company, according to a statement yesterday. The transaction is subject to the approval of the relevant authorities and is expected to be finalized in the next few months, the Paris-based company said. The companies didn't disclose a price.
Danone reported first-quarter sales growth that beat estimates last month, driven by baby-nutrition sales. The company got over 20 percent of its total revenue from the division last year.
"We plan to step up the development of Happy Family and its brands," Felix Martin Garcia, executive vice-president of the Danone baby nutrition division, said in the statement.
Happy Family, which was founded in 2006, has more than 4 percent of the US baby-food market, the statement said. The company, which specializes in organic products, generates gross sales of above US$60 million, according to Danone.
Danone will acquire more than 90 percent of the New York-based company, according to a statement yesterday. The transaction is subject to the approval of the relevant authorities and is expected to be finalized in the next few months, the Paris-based company said. The companies didn't disclose a price.
Danone reported first-quarter sales growth that beat estimates last month, driven by baby-nutrition sales. The company got over 20 percent of its total revenue from the division last year.
"We plan to step up the development of Happy Family and its brands," Felix Martin Garcia, executive vice-president of the Danone baby nutrition division, said in the statement.
Happy Family, which was founded in 2006, has more than 4 percent of the US baby-food market, the statement said. The company, which specializes in organic products, generates gross sales of above US$60 million, according to Danone.
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