Danone purchases Earth Island in move to accelerate plant-based offerings
22 Feb 2021 --- Danone and Earth Island, maker of Follow Your Heart brands, have entered into a share purchase agreement under which Danone will acquire 100 percent of Earth Island shares. The deal is subject to regulatory approvals.
According to Danone, Earth Island represents a strong cultural fit with the company and provides the French multinational with an opportunity to strengthen its plant-based business.
Founded in 1988, Earth Island is a pioneer in the US plant-based marketplace with a dairy-free cheese brand – offering shredded and sliced plant-based cheese, grated and shredded plant-based parmesan and cream cheese alternatives – and its egg-free mayonnaise brand, Vegenaise.
Expanding the plant-based portfolio
The company also produces plant-based sour cream, salad dressings, and VeganEgg within its Follow Your Heart portfolio.
Earth Island will be able to accelerate the growth of the Follow Your Heart brand nationally and internationally alongside some of Danone’s best-known plant-based brands, including Alpro, Silk and So Delicious Dairy Free.
“Our mission has always been to produce the best plant-based food products and to make them available to as many people as possible,” says Bob Goldberg, co-founder and CEO of Earth Island.
The partnership will contribute to Danone’s goal to increase global plant-based sales to €5 billion (US$6 billion) by 2025.“We’re pleased to be joining the Danone family of plant-based companies in a collective effort to bring positive change in the world through the creation of sustainably and responsibly-made foods.”
Danone is committed to bringing plant-based offerings to consumers, in an unmatched variety of formats, for every moment throughout the day, lifestyle and need, the company says.
In the US, plant-based food and beverages are proliferating and plant-based cheese is one of the fastest-growing segments within this market.
Going global
This partnership will enable Danone to enhance and expand its plant-based offerings to provide consumers with plant-based alternatives for even more occasions throughout their day. The deal will also contribute to its goal of increasing plant-based sales worldwide from more than €2 billion (US$2.4 billion) in 2020 to €5 billion (US$6 billion) by 2025.
“The Follow Your Heart family shares our commitment to producing high-quality products that delight consumers while contributing to the well-being of People and Planet,” says Shane Grant, EVP and CEO, Danone North America.
“Consumers are increasingly eating flexitarian diets, and we look forward to working with the Follow Your Heart team to offer our consumers even more choices. This partnership will build on our success in plant-based beverages, yogurt alternatives and creamers, further accelerating the growth of our North American plant-based business.”
Edited by Elizabeth Green
