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 a pioneer in dairy beverages, introducing the first organic milk available throughout the United States in 1991. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, and yogurt. , cheese and butter.
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The proposed acquisition also includes the Wallaby brand, an Australian-style Greek yogurt made with organic milk and premium ingredients.
The U.S. dairy category is estimated at $68 billion, of which milk accounts for approximately $17 billion.
Platinum Equity has decades of experience acquiring and operating global businesses that are part of large corporations. The company recently announced its pending acquisition of Kohler Energy from Kohler Company. In recent years, Platinum Equity has also acquired businesses from companies such as Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson.
Platinum Equity’s current portfolio includes European private label sweet biscuit maker Biscuit International, 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 U.S. distributor of processed meats and bakery products.
The proposed acquisition of Horizon Organic and Wallaby is subject to customary closing conditions and regulatory approvals.