Heritage Foods buys controlling stake in better-for-you ice cream maker

Indian dairy company Heritage Foods has acquired a 51% stake in Peanut Butter and Jelly, the parent company of health ice cream maker Get-A-Way.

The dairy company’s Rs 9-crore (US$1 million) investment signals Heritage Foods’ entry into the healthy dessert segment. There is also an option to raise the stake to 71% by March 2026.

The deal comes as Indian consumers show a growing appetite for mindful yet indulgent desserts and ice cream. They are seeking premium products that also offer a wellness or healthy function.

Get-A-Way has been making its name as a protein ice cream brand, gaining popularity in the Indian market for its better-for-you offerings, including high-protein, no-added-sugar ice creams, keto desserts, vegan ice pops, and low-calorie kulfis, sold through e-commerce, quick-commerce platforms, and retail chain stores.

It was founded in 2018 and now operates in more than 35 cities. It fulfills more than 8,000 daily orders through quick-commerce and food-delivery platforms and five offline parlors. 

Double-digit revenue growth and EBITDA-neutral performance were registered by the brand in its full-year results, evidencing strong operating traction.

Heritage Foods’ strategic vision

This acquisition expands Heritage Foods’ presence in the fast-growing ice cream and healthy indulgence categories, but is in keeping with the company’s strategy “Vision 2030,” which highlights how it wants to be “the most admired dairy nutrition company in India.” 

Owning a controlling stake will enhance Heritage’s portfolio of healthy, protein-rich, and lifestyle-driven dairy products while also extending its leadership in the super-premium dairy and health dessert categories.

Brahmani Nara, executive director, Heritage Foods, says: “This partnership brings together our three decades of dairy expertise and manufacturing excellence with Get-A-Way’s innovative product portfolio and strong Gen-Z consumer connect.”

“Get-A-Way’s focus on protein, no-added-sugar, and health-forward offerings strengthens our commitment to delivering nutritious dairy solutions that resonate with evolving lifestyles, while leveraging Heritage Foods’ core expertise to accelerate the brand’s next phase of growth.”

No governmental or regulatory approvals are required for the transaction, which is expected to be backed by the company’s board and completed within 45 days. 

Following yesterday’s announcement, Heritage Foods’ share price increased by around 2%.