A major dairy brand has acquired an 'alternative cheese' producer - that counts a line of vegan cheeses among its products - for $17.8 million.
Canadian company GreenSpace - the company behind the US' largest 'grass-fed' dairy brand Rolling Meadows Dairy - bought US-based Galaxy Nutritional Foods, which makes Go Veggie alternative cheeses.
Go Veggie's cheeses include lactose-free and soy-free lines, as well as separate vegan-friendly options.
Its products are already available in more than 12,000 stores in the US. GreenSpace hopes the acquisition will allow it to 'further develop its leadership position in the plant based dairy alternatives vertical in North America'.
Matthew von Teichman, CEO of GreenSpace said: "We couldn’t be more excited to add Go Veggie to the GSB family of brands.
"With the acquisition of Go Veggie, we enter our most sought-after vertical, plant-based dairy alternatives.
"This is truly a transformative acquisition for us. We will continue to develop their Canadian sales strategy through the leveraging of our current platform and strategically initiate our US development by leveraging their platform."
Teichman went on to brand the agreement a 'win-win', saying it's the 'ideal way' to enter the American market.
The deal will be completed in January 2018.