Oddlygood, a Nordic plant-based food and beverage enterprise owned by Finnish dairy company Valio, has acquired its UK competitor Rude Health.
The financial specifics of this acquisition remain undisclosed, yet Oddlygood is optimistic that this strategic move will enhance its position within the UK’s growing plant-based drinks sector. The UK market is recognized as a vital area for Oddlygood, allowing for increased diversification beyond the Nordics and fostering growth across both UK and European markets.
CEO Niko Vuorenmaa articulated the company’s aspirations: “Our ambition is to become one of the leading plant-based companies in the UK and Europe and this acquisition will help accelerate this, but key to its success is the strong alignment between Rude Health and Oddlygood.” He further praised Rude Health’s journey by stating, “Rude Health is one of the biggest success stories in British plant-based food. It’s nothing less than impressive the way the team has grown its product range alongside such a distinctive and well-thought-of brand to deliver commercial success.”
The collaboration between Oddlygood and Rude Health is anticipated to leverage their complementary product portfolios and shared target audiences, positioning the combined entities for robust growth. Vuorenmaa emphasized the expertise and dedication of the Oddlygood team, expressing excitement for the same level of focus to be applied to Rude Health’s operations.
Founded in 2005 by Camilla and Nick Barnard, Rude Health specializes in manufacturing plant-based milks derived from oat, cashew, coconut, brown rice, and soya. In addition to beverages, the company offers a range of breakfast items and snacks, including porridge, granola, and buckwheat crackers. The business is on track to achieve its highest revenue yet, projecting £28 million ($36.3 million) in 2024.
Notably, PepsiCo previously acquired a 9% stake in Rude Health five years ago. Following this acquisition by Oddlygood, Rude Health will maintain its current product offerings, with plans for Oddlygood to establish a UK operations site.
Based in Helsinki, Oddlygood sells an array of plant-based cheeses, milks, desserts, and yogurts throughout Europe. Recently, its dairy-free dessert line made its UK debut in 2023, while new plant-based drink offerings launched earlier this year.
Rude Health CEO Tim Smith commented on the acquisition, stating that it “opens up new opportunities for growth and innovation, and our shared missions around taste, quality, and the crucial role of plant-based food and drink make this a natural fit.” He expressed enthusiasm about collaborating to enhance customer experiences and redefine healthy eating as enjoyable rather than restrictive.
Co-founder Camilla Barnard remarked: “Now is the right time to find a partner who can help take it to the next stage of success, and Oddlygood shares so many values and the ambition to make this possible.”
Earlier in October 2023, Oddlygood similarly expanded its footprint by acquiring the Swedish dairy alternative brand Planti for an undisclosed sum, transitioning the brand from Norwegian food company Kavli Holding. This deal included the acquisition of Planti’s brand identity, intellectual property rights, and its production facility based in Turku, Finland.
With these strategic acquisitions, Oddlygood continues to position itself at the helm of evolving trends within the food and beverage industry. By capitalizing on synergies with Rude Health, Oddlygood aims to reshape its business practices in alignment with current food and drink consumer trends, paving the way for future innovations and market growth.
