Oddlygood, the plant-based dairy company majority-owned by Finnish dairy giant Valio, has bought Sweden-based vegan brand Planti from Norway’s Kavli Holding.
The transaction was finalised on 30 September. Financial details were not disclosed.
The deal will see Oddlygood become the owner of the Planti brand and the related intellectual property rights. Planti’s product range includes plant-based alternatives to milk, yogurt and crème fraîche.
As part of the acquisition, Valio has acquired Planti’s production facility in the Finnish city of Turku.
Kavli, which owns brands including its namesake cheese, Korni flatbread and Castle McLellan pâté, said it wants to focus on other product categories.
The Turku factory will continue producing the same Planti products, a spokesperson told Just Food.
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The spokesperson said Valio will “continue developing [Planti’s current] range and aims at growing it in Oddlygood core markets. There will be no immediate changes to Planti’s products”.
Valio launched the Oddlygood brand in 2018. In May 2021, the company said it would spin off the business and look for a co-investor. By the end of the year, Mandatum Asset Management announced €25m of investment in the business.
“Planti’s portfolio complements our existing offering and strengthens our market position, especially in spoonables and cooking,” Niko Vuorenmaa, the CEO of Oddlygood, said in a statement.
“This [deal] fits right into our strategy in which we, with the support of our owners Valio and Mandatum Asset Management, are actively pursuing opportunities to grow through acquisitions like this one.”
Helsinki-headquartered Oddlygood makes plant-based drinks, yogurts, baking products and desserts. It had a turnover of €23.5m ($24.6m) in 2022.
Kenneth Hamnes, group CEO of Kavli Holding, said the company wanted to put its attention elsewhere. “To sell Planti is a strategic decision we have considered thoroughly, aiming to focus on other categories in our business,” Hamnes said.
“We have been waiting for the right match and buyer profile who has the capacity and ambition to develop Planti.”
Oddlygood’s majority owner Valio’s net sales were €2.24bn in 2022, a 15.7% increase compared to 2021.
Its operating profit fell 32% in €44.6m. Valio’s net profit dropped 28.7% to €26.3m.