WhiteWave Purchases Earthbound Farm
Dairy producer WhiteWave Foods Co., Broofield, Colo., announced plans to purchase organic food brand Earthbound Farm, San Juan Batista, Calif., from investors, including private equity firm Kainos Capital for about $600 million. Earthbound Farm produces packaged salads and organic fresh and frozen fruits and vegetables, as well as dried fruits and snacks. Its sales are expected to top $500 million in 2013.
"With Horizon Organic and Earthbound Farm, WhiteWave will now provide the two most popular gateways for consumers to enter into the organic category—produce and dairy," says Gregg Engles, chief executive officer.
WhiteWave, which spun off from Dallas, Texas-based Dean Foods Co. earlier this year, plans to operate Earthbound Farm as a separate business with no significant operational changes after the acquisition closes in the first quarter of 2014.