YoCream deal takes Danone into foodservice
Already a leader in the U.S. retail refrigerated yogurt category, Danone, Paris, said it agreed to purchase foodservice frozen yogurt mix supplier YoCream International Inc., Portland, Ore., for US$103 million.
Officials expect to close the deal by the end of this year. YoCream's net sales in 2010 were approximately US$58 million.
YoCream has headquarters and a dairy and manufacturing facility in Portland. It produces, markets and sells frozen yogurt, ice cream and frozen custard mixes as well as fruit and dairy smoothies and frozen beverages to the away-from-home foodservice market.
Officials said John Hanna will remain CEO and a YoCream director following the deal. YoCream's senior management team also will remain with the company, which will keep its name.
"This transaction benefits our shareholders by providing them with the opportunity to receive a significant premium for their YoCream shares, and joining the Danone Goup represents a natural progression in our corporate achievement to provide healthful live and active cultured frozen yogurt to consumers in the U.S. and abroad," said Hanna.
Dannon's other U.S. holdings include The Dannon Company, White Plains, N.Y., and organic yogurt processor Stonyfield Farm, Londonderry, N.H.
Officials expect to close the deal by the end of this year. YoCream's net sales in 2010 were approximately US$58 million.
YoCream has headquarters and a dairy and manufacturing facility in Portland. It produces, markets and sells frozen yogurt, ice cream and frozen custard mixes as well as fruit and dairy smoothies and frozen beverages to the away-from-home foodservice market.
Officials said John Hanna will remain CEO and a YoCream director following the deal. YoCream's senior management team also will remain with the company, which will keep its name.
"This transaction benefits our shareholders by providing them with the opportunity to receive a significant premium for their YoCream shares, and joining the Danone Goup represents a natural progression in our corporate achievement to provide healthful live and active cultured frozen yogurt to consumers in the U.S. and abroad," said Hanna.
Dannon's other U.S. holdings include The Dannon Company, White Plains, N.Y., and organic yogurt processor Stonyfield Farm, Londonderry, N.H.
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