ProViva has divested additional minority stake to majority owner Danone

Danone increases majority holding in line with strategy to grow in functional foods
  • feb. 2019
  • Consumer
  • M&A: Sell-Side
  • Sweden
  • Pan-European

Livingstone’s Consumer sector team has advised Skånemejerier Ekonomisk Förening’s board in the sale of a minority share in ProViva to Danone. Livingstone was the exclusive financial advisor to Skånemejerier.

Building on a long relationship and close cooperation with the Company, Livingstone provided well-informed strategic advice and negotiation tactics throughout the sales process.

Danone increases its ownership inProViva in addition to the 51% the company owned previously from the initial 2010 sales agreement. The acquisition is in line with Danone’s strategy to grow in functional foods and probiotic products.

“We’ve long respected Christopher and the Livingstone team, and appreciate their devoted efforts to reach an optimal result for us and ProViva,” says Anders Rolfsson, Chairman of the Board at Skånemejerier Ekonomisk Förening.

ProViva produces functional beverages such as probiotic sports drinks, juices, yogurt, and cultivated milk. The products are used by health-conscious consumers, but also in healthcare to balance heavy antibacterial medication like antibiotics or chemotherapy.

Danone is a world leading food group with four business areas: Essential Dairy and Plant-Based Products, Early Life Nutrition, Medical Nutrition, and Waters. Its portfolio comprises several functional foods, such as plant-based milk, fermented dairy, and probiotics.

It’s been a true pleasure to work with Skånemejerier and ProViva again as we follow through on a plan set in motion eight years ago. It’s been delightful to watch Danone passionately develop its focus on modern health-improving food. ProViva has found an excellent culture fit in Danone to grow strategically,” says Christopher Fägerskiöld, Partner at Livingstone.

The completion of this transaction reinforces Livingstone’s credentials in the functional foods niche, following the sale of Tate & Lyle’s oats business to Lantmännen and the sale of betaglucan specialist Swedish Oat Fiber to Naturex.

This is a segment with great potential, that continues to grow at the same pace as the consumers’ knowledge is. Product development is demanding in both time and expertise, which gives established and experienced players a clear advantage in the market,” says Fredrik Fällström, Associate Director at Livingstone.

advokatfirman Vinge was Skånemejerier’s legal advisor during the sales process.

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