WhiteWave Foods will purchase So Delicious for $195 Million in cold hard cash.
WhiteWave Foods announced that it has agreed to purchase So Delicious Dairy Free from its existing shareholders, led by Wasserstein & Co., for $195 million in cash.
WhiteWave is the company behind brands such as Horizon, Silk, Alpro and Earthbound Farm. It aspires to develop nutritious, creative and alternative food choices and delivers these to customers via local stores.
On the other hand, best known by consumers for its delectable beverages, creamers, cultured products and frozen desserts is the So Delicious® Dairy Free brand. The So Delicious company was founded in 1987 by Mark Brawerman, who was CEO until 2013. So Delicious is headquartered in Eugene, Oregon, USA. Products from So Delicious are 100% plant-based and non-GMO verified.
Based on the latest figures, So Delicious had net sales of $115 million for the twelve months ended June 30, 2014 and figures show that it will experience continued steady growth in the second half of 2014.
Gregg Engles, Chairman and Chief Executive Officer of WhiteWave mentioned in an exclusive interview: “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.” He added: “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 #1 plant-based frozen dessert brand in the United States, and it will provide WhiteWave entry into the growing, plant-based frozen dessert category.”
Engles continued, “At the same time, So Delicious will provide additional growth opportunities in the dynamic plant-based food and beverage space. It builds on our platform of Silk and Alpro branded products by expanding plant-based capabilities and providing new category opportunities. 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. 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.”
On the other hand, Chuck Marcy, Chief Executive Officer of So Delicious Dairy Free mentioned in an interview: “Joining the WhiteWave organization will enable us to continue to build on our commitment to bringing dairy-free joy to even more households.” He continued “For over 25 years, So Delicious has been dedicated to making delicious and responsible, 100% plant-based, non-GMO foods and beverages. WhiteWave shares our passion for uncompromising commitment to non-GMO 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 acquisition is expected to close in the next few months, with all the details of the transaction subject to customary closing conditions. WhiteWave mentions that it will fund the acquisition through cash balances and available credit. The transaction increases WhiteWave’s earnings in the first 12 months following closing, excluding certain transaction and integration expenses.
A.L. Mijares
About WhiteWave:
The WhiteWave Foods Company is behind nutritious, alternative food choices mainstream, such as Horizon, Silk, Alpro, and Earthbound Farm brands. WhiteWave delivers these brands conveniently right to their customers’ local stores. The chance to change the world for the better is powerful motivation and this is what The WhiteWave Foods Company is striving for. And according to the WhiteWave official site, every employee in the company wants to make a difference in the future of WhiteWave WhiteWave Foods stock market evolution:
http://finance.yahoo.com/q?s=WWAV
About Gregg Engles:
Mr. Gregg L. Engles is the Founder and has been the Chief Executive Officer at The WhiteWave Foods Company since August 7, 2012. He has served as the Chief Executive Officer of Dean Foods Company from October 1994 to October 2012. Mr. Engles has received a Law degree from Yale Law School in 1982 and an undergraduate degree in Economics from Dartmouth College in 1979.
About So Delicious Dairy Free:
So Delicious Dairy Free is located in Willamette Valley, Oregon. It has provided dairy-free products for more than twenty-five years. The company has a world-class allergen-testing program to create products made with only the highest quality ingredients. So Delicious makes products made from organic ingredients, and is always 100 percent plant-based and Non-GMO Project Verified with no artificial sweeteners, trans-fats, or hydrogenated oils.
About Chuck Marcy:
Charles F. Marcy has served as Interim CEO of Turtle Mountain, LLC, and a privately held natural foods company maker of So Delicious brand of dairy free products since May 2013. Mr. Marcy received his undergraduate degree in Mathematics and Economics from Washington and Jefferson College, and his MBA from Harvard Business School.
