French food producer Danone signed an agreement to sell its U.S. organic dairy brands Horizon Organic and Wallaby to private equity firm Platinum Equity, Monday.
Horizon Organic is the largest USDA-certified organic dairy brand and Wallaby is the maker of an Australian-inspired Greek-style yogurt.
"Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers," said Platinum Equity co-president Louis Samson in a statement. "The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone's confidence in our ability to build on that legacy and support Horizon Organic's growth as a standalone company."
Danone shared that the move is part of its portfolio review and asset rotation program, first announced in March 2022, according to Reuters. The terms of the transaction have not been disclosed.
"This sale, once completed, will allow us to concentrate further on our current portfolio of strong, health-focused brands and reinvest in our growth priorities," said Danone CEO Antoine de Saint-Affrique, in a statement.
Danone will still have a minority stake in the businesses. Full Story (Subscription Required)
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Image: Horizon Organic