Oddlygood, the plant-based dairy company majority-owned by Finnish dairy giant Valio, has acquired Sweden-based vegan brand Planti from Norway’s Kavli Holding.
The transaction was completed on 30 September. Financial details of the deal have not been disclosed.
With this acquisition, Oddlygood becomes the owner of the Planti brand and its intellectual property rights. Planti offers a range of plant-based alternatives to dairy products such as milk, yogurt, and crème fraîche.
As part of the agreement, Valio has also acquired Planti’s production facility in the Finnish city of Turku.
Kavli, the owner of brands including Kavli cheese, Korni flatbread, and Castle McLellan pâté, stated its intention to concentrate on other product categories.
The spokesperson confirmed that Valio will continue to develop Planti’s current product range and aims to grow it in Oddlygood’s core markets. There will be no immediate changes to Planti’s products.
In 2018, Valio launched the Oddlygood brand. In May 2021, the company announced its intention to spin off the business and seek a co-investor. Mandatum Asset Management later invested €25m in the business.
Niko Vuorenmaa, the CEO of Oddlygood, stated, “Planti’s portfolio complements our existing offering and strengthens our market position, especially in spoonables and cooking.”
Helsinki-based Oddlygood produces plant-based drinks, yogurts, baking products, and desserts. It achieved a turnover of €23.5m ($24.6m) in 2022.
Kenneth Hamnes, group CEO of Kavli Holding, explained the decision to sell Planti as a strategic move to focus on other categories in their business. He added, “We have been waiting for the right match and buyer profile who has the capacity and ambition to develop Planti.”
In 2022, Valio, the majority owner of Oddlygood, reported net sales of €2.24bn, a 15.7% increase compared to the previous year. However, its operating profit fell 32% to €44.6m, and net profit decreased by 28.7% to €26.3m.