Danone Sells Stonyfield to Lactalis For $875 Million
Danone has agreed to sell Stonyfield, its organic yogurt business in the US, to Group Lactalis, the French dairy and international giant, for $875 million. The purchase price represents 20 times Stonyfield’s EBITDA in 2016. Stonyfield generated approximately $370 million in turnover in 2016. The company sells 100,000 tonnes of product annually, the majority of which is produced at its facility in Londonderry, New Hampshire.
“As the leader in organic dairy in France for over 20 years, the acquisition strengthens our group’s position in this rapidly growing category,” comments Emmanuel Besnier, president of Group Lactalis.
The disposal of Stonyfield is part of the agreement reached on March 31st, 2017 with the US Department of Justice in connection with Danone’s recently closed $12.5 billion acquisition of WhiteWave, a global leader in organic foods. The transaction is conditioned upon approval by the US Department of Justice, and is expected to conclude in the third quarter.
Danone and WhiteWave are combining their activities in North America to operate as a strategic business unit, named ‘DanoneWave’.
