Oddlygood, the plant-based dairy company primarily owned by Finland’s dairy powerhouse Valio, has acquired the Swedish vegan brand Planti from Kavli Holding, a Norwegian company.
The deal was completed on September 30th, with no financial specifics disclosed.
Under this agreement, Oddlygood will assume ownership of the Planti brand along with its associated intellectual property rights. Planti’s product lineup encompasses plant-based substitutes for milk, yogurt, and crème fraîche.
As a component of the acquisition, Valio has gained ownership of Planti’s manufacturing facility located in the Finnish city of Turku.
Kavli, the owner of brands such as its eponymous cheese, Korni flatbread, and Castle McLellan pâté, expressed its intention to concentrate on different product categories.
A spokesperson confirmed that the Turku factory will maintain its production of the same Planti product range.
According to the spokesperson, Valio plans to “sustain the development of Planti’s existing product lineup and intends to expand it within Oddlygood’s key markets. There are no immediate alterations planned for Planti’s product offerings.”
Valio introduced the Oddlygood brand in 2018. In May 2021, the company announced its plans to separate this business and seek a co-investment partner. By the close of the year, Mandatum Asset Management disclosed an investment of €25 million in the venture.
“Planti’s portfolio complements our existing offering and strengthens our market position, especially in spoonables and cooking,” Niko Vuorenmaa, the CEO of Oddlygood, said in a statement.
“This [deal] 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.”
Oddlygood, headquartered in Helsinki, specializes in producing plant-based beverages, yogurts, baking items, and desserts. The company reported a turnover of €23.5 million ($24.6 million) in the year 2022.
Kenneth Hamnes, group CEO of Kavli Holding, said the company wanted to put its attention elsewhere. “To sell Planti is a strategic decision we have considered thoroughly, aiming to focus on other categories in our business,” Hamnes said.
“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, recorded net sales of €2.24 billion, reflecting a notable 15.7% growth compared to the previous year, 2021.
The operating profit declined by 32%, amounting to €44.6 million. Valio’s net profit also saw a decrease of 28.7%, reaching €26.3 million.
