The WhiteWave Foods Co. (NYSE: WWAV) is buying So Delicious Dairy Free from investors, including private equity firm Wasserstein & Co., for $195 million.
So Delicious, headquartered in Eugene, Oregon, is best known for its plant-based beverages, creamers, cultured products and frozen desserts. The company had net sales of $115 million for the 12 months ended June 30.
The deal gives WhiteWave a way into the plant-based frozen dessert category. The Denver-based buyer makes food and beverages, dairy products and organic produce in North America and Europe. WhiteWave's brands include Silk, International Delight, Land O Lakes, Horizon Organic, Earthbound Farm, Alpro and Provamel.
The transaction comes amid a wave of M&A in organic food and nutrition supplements, as consumers shift eating habits. Other similar deals include General Mills Inc.'s purchase of Annie's Inc. for $820 million, and TA Associates' investment in SkinnyPop Popcorn LLC.
For more on the trend, see Snack Time. For more on consumer interest in better-for-you products, see Vitamins, Minerals and Supplements Feed Consumers and Deals.