Danone announces sale of Stonyfield to Lactalis for $875 million

Cornelia Mascio
Luglio 3, 2017

"Danone has entered into a binding agreement with Lactalis to sell Stonyfield, one of its US dairy subsidiaries, for a purchase price of $875 million, representing 20 timesits EBITDA in 2016", says a statement from Danone.

Danone said that the sale price represented a multiple of around 20 times the 2016 earnings before interest, tax, depreciation and amortization for Stonyfield.

Other global companies owned or controlled by Lactalis include Italy's Galbani and Parmalat, Croatian company Dukat, Slovenian company Ljubljanske Mlekarne, Australia's Harvey Fresh and Tirumala in India. The Fresh Dairy Products Division produces and markets yogurts, fermented fresh dairy products and specialized dairy products. The company also manufactures frozen yogurts, drinkable yogurts, and milk and creams.

Earlier this year, Danone had said it would sell Stonyfield as part of an agreement with USA authorities to facilitate its takeover of WhiteWave.

The Lactalis Group is a French dairy company that sells Galbani, Sorrento, and President cheeses.

Founded in 1983, Stonyfield, which was one of the pioneers in tapping consumers' growing desire for simpler, more natural products, grew to yearly revenue of around $370 million a year ago.

Closing of the sale of Stonyfield is subject to final approval by the Justice Department and is expected in the third quarter of this year.

Founded by Samuel Kaymen in 1983, Stonyfield, is an organic yogurt maker. In 2001, Danone purchased an initial 40 per cent in Stonyfield and later increased its stake to 85 per cent.

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