Danone announced that it has entered into a definitive agreement to acquire a majority stake in Kate Farms, a fast-growing U.S. business offering a wide array of plant-based, organic nutrition products for both medical and everyday needs. Kate Farms’ complementary products is expected to enhance Danone’s specialized nutrition offerings, according to the company. Danone says that the acquisition will allow Kate Farms' products to reach more consumers and patients.
Kate Farms’ Chief Executive Officer, Brett Matthews, will serve as Chairman and Chief Executive Officer of Danone’s North American Medical Nutrition business. Kate Farms’ senior management will retain a minority stake in the combined business. The transaction remains subject to customary closing conditions, including regulatory approval.
“Kate Farms is focused on helping people live their best lives through quality nutrition. We are excited to be working alongside Danone, who share our mission," says Matthews. "We are both focused on going above and beyond to help people with health needs and the medical professionals supporting those needs in the U.S. Together, we can bring our innovative scientifically developed nutritional products to more and more people. Building on Danone’s expertise, we can also expand internationally. It is rare that two companies come together by virtue of the same values and a philosophy of building a growth company that helps people live their best lives, delivered by team members who show their heart and expertise every day. As a business founded on and guided by deeply held values, it was important for us to partner with an organization that is aligned with our mission in this way, and we believe Danone is the perfect fit to continue to make nutrition the foundation of health.”
Shane Grant, Danone Group Deputy CEO, CEO Americas says, “We are thrilled to join forces with Kate Farms and are looking forward to welcoming Brett and his team to Danone. This partnership aligns perfectly with our science-based and patientcentered approach to specialized nutrition, and it marks another important milestone in Danone’s 125-year Specialized Nutrition history. Kate Farms’ innovative medical nutrition products expand our offerings, enhance our ability to provide better solutions for people with wide-ranging health needs, and support healthier lives, both in the U.S. and globally. With a deep 80-year heritage and over 5,000 team members in the U.S., Danone has built a thriving local presence across the country. This new partnership further builds on that footprint and enhances our commitment to the growth of our communities.”
