French food giant Danone buys plant-based nutrition company Kate Farms
French food giant Danone is set to acquire a majority stake in US-based Kate Farms, a company that makes plant-based nutrition products for medical and everyday use.
Kate Farms makes nutritional formulas and shakes for children and adults, intended for both oral and tube feeding. The company was founded by Richard and Michelle Laver, who wanted to create a formula for their daughter Kate, who has cerebral palsy and couldn't tolerate any of the available tube feeding formulas.
Danone says the acquisition will help it expand its specialised nutrition offerings.
"We are thrilled to join forces with Kate Farms and are looking forward to welcoming Brett and his team to Danone," Shane Grant, Deputy CEO of Danone Group, said in a statement.
Kate Farms' CEO Brett Matthews will become chairman and CEO of Danone's North American Medical Nutrition business.
"Kate Farms is focused on helping people live their best lives through quality nutrition. We are excited to be working alongside Danone, who share our mission," Matthews said in a statement.
The acquisition is subject to regulatory approval.
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