Finland-based Oddlygood, a plant-based food and drinks producer, announced that it has acquired Norway-based Planti, making the company one of the top players in plant-based dairy spoonable snacks in Sweden and dairy cooking alternatives in Finland.Â
Oddlygood was born from a commitment to provide everyone with delectable and nutritious plant-based options like oat drinks and spoonable snacks. With the Planti acquisition, the company has taken its first step into acquisitions.
“Planti is our first acquisition and the next step on our growth journey,” says Niko Vuorenmaa, CEO of Oddlygood. “In the first half of this year, we delivered great momentum with +40 per cent organic growth, compared to 2022, and growing significantly faster than the market.”
This move aligns with their growth trajectory since 2018, culminating in an impressive 2022 turnover of €23.5M. The acquisition also elevates Oddlygood to the second-largest position in Sweden’s plant-based dairy alternatives market and the third-largest in Finland.
Previous ownership by the Kavli Group
The Planti brand was part of the food company Norwegian Kavli Group. Its turnover in 2022 was €10.9M.
“To sell Planti is a strategic decision we have considered thoroughly, aiming to focus on other categories in our business,” says Kenneth Hamnes, Group CEO of Kavli. “We have been waiting for the right match and buyer profile who has the capacity and ambition to develop Planti.”
Vuorenmaa also voiced a similar sentiment, saying, “Planti’s portfolio complements our existing offering and strengthens our market position, especially in spoonables and cooking.”
“This fits right into our strategy in which we, with the support of our owners Valio and Mandatum Asset Management, are actively pursuing opportunities to grow through acquisitions like this one,” he adds.
The companies have chosen not to reveal the deal’s monetary value. The transaction does not immediately alter the Oddlygood or Planti product lineup or their production processes.
Growth amid market challenges
Despite a temporary market slowdown and numerous struggling competitors, Oddlygood has achieved remarkable growth. The global plant-based dairy alternatives market is projected to experience substantial long-term expansion from 2021 to 2030.
The company has a compound annual growth rate (CAGR) of 12.0 per cent, reaching a value of €64.2B. This growth is propelled by consumer priorities encompassing sustainability, a desire for flavourful and nutritious choices, diverse product offerings, and the evolving role of food as a lifestyle indicator.
Oddlygood now owns Planti’s products and intellectual property rights through the deal. Meanwhile, Oddlygood’s majority owner, Valio, takes over Planti’s Turku production and its employees.
“We see great long-term growth potential in the market for plant-based products, and they have a key role in Valio’s growth strategy,” says Kimmo Luoma, senior vice president of Valio Food.
“As a result of the acquisition, we at Valio continue to strengthen our position as a world-class developer and manufacturer of plant-based products that fulfil the taste, nutrition, and texture expectations of current and next product generations,” he adds.
Read the orginal article: https://siliconcanals.com/news/startups/lifestyle/oddlygood-acquires-planti/
