Sector News

WhiteWave acquires Wallaby Yogurt for $125 million

August 10, 2015
Food & Drink
WhiteWave Foods is bolstering its yogurt offerings by acquiring Wallaby Yogurt Company Inc. for $125 million, officials for the Denver-based natural and organic foods company announced Friday.
 
The acquisition of the California-based maker of Australian- and Greek-style yogurts gives WhiteWave yogurt manufacturing capabilities on the West Coast.
 
The announcement was made as part of WhiteWave’s second-quarter earnings, in which the maker of Silk, Horizon Organic and Earthbound Farm reported net income, including joint ventures, of $44 million, or 24 cents per share, and revenue of $923.6 million.
 
In the second quarter of last year, WhiteWave made $40 million, or 22 cents per share, on $838 million in revenue.
 
The latest quarter’s results were below Wall Street expectations. Analysts projected earnings of 26 cents per share and revenue of $925.8 million. Shares of WhiteWave (NYSE: WWAV) fell slightly, by about 3 percent, in morning trading.
 
The Wallaby deal follows a steady string of acquisitions by WhiteWave since the company spun out of Dean Foods in 2013.
 
Last year, WhiteWave completed a $600 million acquisition of Earthbound Farm, a maker of organic packaged salads and produce, and a $195 million acquisition of So Delicious, a maker of dairy-free beverages and frozen foods.
 
This year, WhiteWave introduced a new line of Silk dairy-free yogurt and Yulu, an Australian-style yogurt. It also acquired Vega, a nutritional powder and bar maker, for $550 million.
 
By Alicia Wallace
 

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