Dairy giant Dean Foods Company has taken a majority stake in plant-based brand Good Karma Foods.
Dean, which has almost16,000 employees across the country, acquired a minority stake in Good Karma last May. The cash injection was to be used to expand distribution across the U.S, as well as for brand-building and product innovation.
Now it has increased its ownership percentage to take a majority stake in Good Karma, which is best known for its non-dairy yogurts and milks made from flaxseeds.
Ralph Scozzafava, CEO of Dean Foods, said: "Good Karma is a fast-growing brand that gets us back into the growing plant-based food and beverage category, making it an excellent addition to our portfolio.
"Our investment in Good Karma is just one example of how we are executing against one of the major pillars of our strategic plan, to build and buy strong brands.
"As majority owners, we look forward to working with Doug and his team to continue their strong momentum and support their growth agenda."
Doug Radi, Good Karma Foods CEO, said: "We are thrilled about our continued partnership with the Dean Foods team.
"We believe this relationship validates that Good Karma is one of the leading and fastest-growing brands to watch in the plant-based category, and we are excited about how this partnership will advance our mission of inspiring goodness by making our plant-based, non-dairy beverages and yogurts more accessible across the U.S."
Good Karma will continue to operate as a Boulder-based independent company led by its existing leadership team.
Maria is the head of written content for Plant Based News. Also a former magazine editor, newspaper reporter, and features writer. Her writing has been published by The Guardian, The Huffington Post, and various regional newspapers, as well as Vegan Life magazine and Vegan Trade Journal. She has interviewed a huge range of people, from Prime Ministers to authors, activists, pop stars and actors, and enjoys the varied range of topics writing for PBN allows her to tackle. You can follow her on Twitter @MariaChiorando and Instagram @mariachiorando.
Disclaimer: The opinions expressed in this article are prepared in the author's capacity and do not necessarily reflect the views and opinions of Plant Based News itself.
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