The WhiteWave Foods Company (NYSE:WWAV) has agreed to acquire So Delicious Dairy Free from its existing shareholders, led by Wasserstein & Co, for approximately $195 million in cash.
Best known by consumers for its frozen desserts, plant-based beverages, creamers, and cultured products under the So Delicious Dairy Free brand, So Delicious was founded in 1987 by Mark Brawerman, who was chief executive officer until 2013. Based in Eugene OR, So Delicious offers products that are 100% plant-based and its entire product offering is non-GMO-verified.
So Delicious had net sales of $115 million for the 12 months ended June 30, 2014 and is expected to experience continued strong growth in the second half of 2014.
“The acquisition of So Delicious represents a great addition to the WhiteWave portfolio and fits squarely within our strategy of driving growth in our core businesses,” said Gregg Engles, chairman and CEO of WhiteWave. “So Delicious is an outstanding company and a unique player in the plant-based food and beverage arena, with consumers seeking out the brand for a broad range of great-tasting, dairy-free beverages, creamers, and cultured products. So Delicious is also recognized as the #1 plant-based frozen dessert brand in the United States, and it will provide WhiteWave entry into the growing, plant-based frozen dessert category.”
Rothschild Inc served as financial advisor and Haynes & Boone LLP and Dechert LLP were legal advisors to WhiteWave. Sawaya Segalas & Co LLC served as financial advisor to So Delicious and provided a fairness opinion. Crowell & Moring LLP and Loeb & Loeb LLP were legal advisors to So Delicious. First Beverage Advisors LLC also served as financial advisor to So Delicious.
The deal is expected to close in the next few months, subject to customary closing conditions. WhiteWave intends to fund the acquisition through cash balances and available credit. The transaction is expected to be accretive to WhiteWave’s earnings in the first 12 months after closing, excluding certain transaction and integration expenses.
Go to www.whitewave.com for more about WhiteWave.
Access www.SoDeliciousDairyFree.com for full information about So Delicious.