Finnish plant-based producer Oddlygood acquires Nordic model Planti. (Credit score: OddlyGood)
Finland-based Oddlygood, a plant-based meals and drinks producer, introduced that it has acquired Norway-based Planti, making the corporate one of many prime gamers in plant-based dairy spoonable snacks in Sweden and dairy cooking alternate options in Finland.
Oddlygood was born from a dedication to supply everybody with delectable and nutritious plant-based choices like oat drinks and spoonable snacks. With the Planti acquisition, the corporate has taken its first step into acquisitions.
“Planti is our first acquisition and the subsequent step on our progress journey,” says Niko Vuorenmaa, CEO of Oddlygood. “Within the first half of this 12 months, we delivered nice momentum with +40 per cent natural progress, in comparison with 2022, and rising considerably quicker than the market.”
This transfer aligns with their progress trajectory since 2018, culminating in a formidable 2022 turnover of €23.5M. The acquisition additionally elevates Oddlygood to the second-largest place in Sweden’s plant-based dairy alternate options market and the third-largest in Finland.
Earlier possession by the Kavli Group
The Planti model was a part of the meals firm Norwegian Kavli Group. Its turnover in 2022 was €10.9M.
“To promote Planti is a strategic resolution now we have thought-about completely, aiming to give attention to different classes in our enterprise,” says Kenneth Hamnes, Group CEO of Kavli. “We’ve got been ready for the proper match and purchaser profile who has the capability and ambition to develop Planti.”
Vuorenmaa additionally voiced an analogous sentiment, saying, “Planti’s portfolio enhances our present providing and strengthens our market place, particularly in spoonables and cooking.”
“This suits proper into our technique through which we, with the assist of our house owners Valio and Mandatum Asset Administration, are actively pursuing alternatives to develop via acquisitions like this one,” he provides.
The businesses have chosen to not reveal the deal’s financial worth. The transaction doesn’t instantly alter the Oddlygood or Planti product lineup or their manufacturing processes.
Progress amid market challenges
Regardless of a brief market slowdown and quite a few struggling opponents, Oddlygood has achieved outstanding progress. The worldwide plant-based dairy alternate options market is projected to expertise substantial long-term growth from 2021 to 2030.
The corporate has a compound annual progress price (CAGR) of 12.0 per cent, reaching a worth of €64.2B. This progress is propelled by shopper priorities encompassing sustainability, a want for flavourful and nutritious decisions, various product choices, and the evolving position of meals as a way of life indicator.
Oddlygood now owns Planti’s merchandise and mental property rights via the deal. In the meantime, Oddlygood’s majority proprietor, Valio, takes over Planti’s Turku manufacturing and its staff.
“We see nice long-term progress potential out there for plant-based merchandise, they usually have a key position in Valio’s progress technique,” says Kimmo Luoma, senior vp of Valio Meals.
“On account of the acquisition, we at Valio proceed to strengthen our place as a world-class developer and producer of plant-based merchandise that fulfil the style, vitamin, and texture expectations of present and subsequent product generations,” he provides.
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