Global food and beverage company Danone and Earth Island®, maker of Follow Your Heart brands and a pioneering leader in plant-based foods, announced that it has entered into a share purchase agreement under which Danone will acquire 100% of the shares of Earth Island®. With a proven track record of growth and innovation, and a long-term commitment to nutrition, sustainability and environmental stewardship, Earth Island® represents a strong cultural fit with Danone and provides Danone with a unique opportunity to strengthen its plant-based business.
Founded in 1988 to meet the growing demand for Vegenaise at the Follow Your Heart Market & Café, Earth Island® is a pioneer in the US plant-based marketplace with a leading dairy-free cheese brand—offering shredded and sliced plant-based cheese, grated and shredded plant-based parmesan and cream cheese alternatives—and the most iconic egg-free mayonnaise brand, Vegenaise. The company also produces plant-based sour cream, salad dressings, and VeganEgg® within their Follow Your Heart portfolio. As part of the Danone family, Earth Island® will be able to accelerate the growth of the Follow Your Heart brand nationally and internationally alongside some of Danone's best-known plant-based brands, including Alpro, Silk and So Delicious Dairy Free.
As a global and US leader in plant-based food and beverages, Danone is committed to bringing innovative, plant-based offerings to consumers, in an unmatched variety of formats, for every moment throughout the day, lifestyle and need. In the US, plant-based food and beverages are a $5 billion category1, and plant-based cheese is one of the fastest growing segments within it. This partnership will enable Danone to enhance and expand its plant-based offerings to provide consumers with plant-based alternatives for even more occasions throughout their day, while also contributing to its goal of increasing plant-based sales worldwide from more than €2 billion in 2020 to €5 billion by 2025.
The transaction is subject to receipt of required regulatory approvals.
1 Source: IRI Syndicated, Total US MULO, L52 Weeks Ending 1/31/2021
