Danone selling Horizon Organic, Wallaby businesses
Danone is kicking off 2024 with the sale of its Horizon Organic and Wallaby brands in the United States.
As part of its plans to review its portfolio and asset rotation program, the company announced that it will sell the organic dairy brands to Platinum Equity.
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“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. “Today marks an important milestone in delivering this commitment while giving the Horizon Organic and Wallaby businesses the opportunity to thrive under new leadership. This sale, once completed, will allow us to concentrate further on our current portfolio of strong, health-focused brands and reinvest in our growth priorities.”
In 2022, Horizon Organic and Wallaby represented approximately 3% of the company’s global revenues and impacted its like-for-like sales growth and recurring operating margin, Danone shared.
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The sale will include Danone retaining a non-consolidated minority stake in the businesses, and the closing is subject to customary conditions.