05 Jan 2018 --- Lactalis has agreed to acquire the US-based maker of Icelandic style skyr yogurts with “simple ingredients, not a lot of sugar” for an undisclosed price. Siggi’s is the fastest growing yogurt in conventional grocery and is a top 5 selling yogurt brand in many mainstream grocery chains including Stop & Shop, Meijer and Publix and recently became the #1 selling yogurt brand overall in Whole Foods.
Siggi's will continue operating out of its New York City office and will remain a standalone company under its current senior leadership team, which includes its founder as CEO, and Bart Adlam as President.
“We're excited to join the Lactalis family which offers the opportunity to further fuel our growth,” said Siggi Hilmarsson, founder and CEO of Siggy. “Our core values of clean ingredient label and less sugar will remain 100 percent unchanged. Consumers everywhere are actively trying to reduce sugar in their diets so our offering has a global relevance.”
Adlam added: “Siggi's top line grew 50 percent in 2017 and we expect to match this in 2018 as we launch further innovations. We are excited to keep the momentum going with support from the largest dairy player in the world.”
Click to Enlarge“We are delighted to welcome Siggi's to the Lactalis Group, which further expands our yogurt platform in the US with this unique and fast-growing yogurt brand. We look forward to supporting Siggi's as it continues to bring its retail partners exceptional dollar growth in the yogurt category,” said Emmanuel Besnier, President of the Lactalis Group. J.P. Morgan Securities Llc acted as exclusive financial advisor and The Giannuzzi Group acted as legal counsel to Siggi's, and Dentons US Llp acted as legal counsel to the Lactalis Group, on the sale. The acquisition is subject to expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in the United States.
Siggi's was founded by Siggi Hilmarsson who, after moving to the US from his native Iceland, began making yogurt in his kitchen in response to American yogurt, which he found too sweet and full of extra ingredients. The recipe was based on skyr, the Icelandic style yogurt Siggi grew up eating in his native Iceland. With seed investment from his former professor, Siggi's started selling his yogurt at an outdoor market in downtown Manhattan in 2006.
Emmi has owned a 22 percent stake in The Icelandic Milk and Skyr Corporation, Siggi's, following two transactions in 2012 and 2013 and has now sold this stake.
The United States is Emmi’s largest foreign market. The majority of sales there is generated by the exports of Swiss cheese, as well as locally produced cow’s and goat’s milk specialties. In addition, Emmi holds a minority stake of 22 percent in Siggi’s.
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