WhiteWave Foods Company
2016
$10.4B
Why
To make Danone the global leader in plant-based foods and beverages by acquiring Silk (#1 US plant-based milk), So Delicious, Vega, and Horizon Organic. The deal targeted the flexitarian consumer trend and doubled Danone's US business.
Impact
WhiteWave added approximately $4 billion in annual revenue and made Danone the #1 global player in plant-based foods. The $12.5 billion enterprise value represented 21.2x 2016E EBITDA (14x post-synergies). The deal was 100% debt-financed with expected EPS accretion from year two.
Outcome
Plant-based brands contributed significantly to North American EDP growth, but Horizon Organic was divested in 2023-2024 as organic dairy margins compressed. Silk remains the #1 US plant-based milk brand. The acquisition expanded Danone's US presence to 21% of total sales.