The French dairy giant, Danone, has divested its minority stake in Ireland-based yogurt and milk firm Glenisk. This move comes as part of Danone’s ongoing portfolio review in the food and beverage industry. Glenisk is now 100% owned by the Cleary family, consisting of Gerard, Mark, Vincent, Brian, and Evelyn. The financial details of the transaction have not been disclosed.
According to a spokesperson from Danone, “As part of its ongoing portfolio review and having received a buy-back offer from the company, Danone has disposed of its non-controlling stake in Glenisk, an Irish dairy products company. This divestment aligns with Danone’s strategy of focusing on its core business activities in Ireland.”
In 2006, US organic dairy business Stonyfield, which was later acquired by Danone, acquired a minority stake in Glenisk. This acquisition resulted in Danone becoming the majority shareholder in Stonyfield Europe. However, Lactalis, another privately-owned French dairy giant, acquired Stonyfield from Danone in 2017 for $875 million. Despite this change, Danone remained a minority shareholder in Glenisk.
Gerard Cleary, the managing director of Glenisk, stated, “The partnership with Danone has been beneficial for Glenisk, allowing us to invest in our manufacturing facility in Killeigh and in product innovation and branding. However, the board of directors has determined that returning to full ownership by the Cleary family is in the best interest of the business.”
Glenisk faced a setback in September 2021 when a fire destroyed its manufacturing facility in Killeigh. Despite this setback, the company has successfully restored the facility and resumed its operations. Fortunately, no employees were injured in the fire.
This divestment follows Danone’s sale of a factory in Spain in April to Dutch dairy producer Royal A-ware. The company continues to make strategic investments in the food and beverage industry, such as its recent investment in cell-based dairy and infant-formula manufacturer Wilk Technologies through its venture-capital arm, Danone Manifesto Ventures.
