LOS ANGELES — Platinum Equity is acquiring the Horizon Organic and Wallaby businesses from Danone SA, Paris. Terms of the agreement were not disclosed.
Danone announced in January 2023 it was exploring strategic options for both businesses. The company will retain a minority stake in them once the transaction is completed.
Horizon Organic is a USDA-certified organic dairy brand with a product line that includes milk, creamers, whiteners, yogurt, cheese and butter. Wallaby is a manufacturer of Australian-inspired Greek yogurt.
“Horizon Organic is an iconic name in dairy that is well recognized and beloved by consumers,” said Louis Samson, co-president of Platinum Equity. “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.”
Adam Cooper, managing director of the private equity company, added that premium products, including organic and value-added items, are driving growth in the dairy category.
“We are excited about Horizon Organic’s potential as an independent business with a renewed sense of focus and a commitment to investing in its success,” Cooper said. “We have a lot of experience supporting food and beverage businesses. We look forward to partnering with Horizon Organic’s management team to ensure a seamless transition and chart a path for continued growth and expansion.”
Other food businesses currently in Platinum Equity’s portfolio include Biscuit International, a European manufacturer of private label sweet biscuits, wine producer Fantini Group Vini, and seafood provider Iberconsa. Previous investments include JM Swank, a food ingredients distributor, and Harvest Meat Company, a US distributor of packaged meat and bakery products.“As part of our Renew Danone strategy, we committed to a portfolio review and asset rotation for businesses that fell outside our priority growth areas of focus to drive value creation,” said Antoine de Saint-Affrique, chief executive officer of Danone. “Today marks an important milestone in delivering this commitment while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership.”