Danone Buys Majority Stake in Kate Farms

Mars, Incorporated Acquires Kevin's Natural Foods

July 5, 2023

Food & Beverage

Mars, Incorporated has signed an agreement to acquire Kevin's Natural Foods, a Modesto-based maker of chef-inspired sous-vide nutritious meals. Kevin's will operate as a standalone business within Mars Food & Nutrition; the deal includes the exit of minority investors TowerBrook Capital Partners and NewRoad Capital Partners and is expected to accelerate Kevin's product innovation and distribution reach.

Danone to Acquire Huel

March 24, 2026

Consumer Products

Danone has entered into a definitive agreement to acquire Huel, a plant-based complete nutrition brand backed by 1GT and Morgan Stanley Investment Management. The deal is intended to strengthen Danone’s functional nutrition presence and expand into the fast-growing Complete Nutrition space, and remains subject to customary regulatory closing conditions.

Nutricia (Danone) Acquires Real Food Blends

October 21, 2020

Food & Beverage

Nutricia, part of Danone's Specialized Nutrition business, has acquired Real Food Blends, a Chesterton, Indiana-based maker of 100% real-food meals for people who rely on feeding tubes. The founders, Julie and Tony Bombacino, will remain in their roles as CEO and President while Nutricia intends to scale the Real Food Blends portfolio and expand its reach through Nutricia/Danone's broader distribution and clinical channels.

Danone Acquires Earth Island (Follow Your Heart)

February 18, 2021

Food & Beverage

Danone has entered into a share purchase agreement to acquire 100% of Earth Island, the maker of the Follow Your Heart plant-based brands. The acquisition strengthens Danone's plant-based portfolio and will help accelerate the international expansion of Follow Your Heart's dairy-free cheeses, Vegenaise and other plant-based products.

Danone Acquires Functional Formularies from Swander Pace Capital

May 1, 2024

Food & Beverage

Danone has acquired Functional Formularies, a provider of organic, whole-food, shelf-stable feeding tube formulas, from private equity firm Swander Pace Capital. Swander Pace had owned Functional Formularies since 2018 and invested in sales, innovation, and operations to grow the business; advisors on the transaction included Lazard and Jones Day.

Summa Equity Acquires Majority Stake in Nutris

September 3, 2024

Food & Beverage

Impact investor Summa Equity has acquired a majority stake in Nutris, a Croatian plant-based protein ingredients manufacturer founded in 2019. The investment will support scaling Nutris’s manufacturing capacity and R&D to expand production of fava-bean protein isolates and other plant-based ingredients for food, sports nutrition and dairy/meat alternative markets.