Finnish plant-based firm, Oddlygood, has taken one other step in the direction of its ambition of turning into one of many main plant-based firms within the UK and Europe, with the acquisition of pioneering British plant-based drinks firm, Impolite Well being, for an undisclosed sum.
Oddlygood is a key participant within the Nordic plant-based market, the place in six years it’s grown to an anticipated turnover near €50m this 12 months and a broadly stocked vary of plant-based alternate options to exploit, cheese, desserts, cooking merchandise and yoghurts.
It launched its plant-based puddings into the UK market in 2023 and established itself within the aggressive UK plant-based drinks class earlier on this 12 months. Oddlygood’s mission is to boost the usual of plant-based foods and drinks. The UK is a key territory for the model and its acquisition of Impolite Well being will additional diversify the enterprise past the Nordics and drive each UK and European development.
Camilla and Nick Barnard co-founded Impolite Well being in 2005 at their kitchen desk. Since then they’ve steadily grown the enterprise and its providing, turning into a prime 5 UK plant-based drinks model alongside its vary of cereals and snacks. The model, which has at all times centered on high quality substances and style, is now broadly obtainable throughout main retailers and foodservice operators and has a profitable on-line presence. It has garnered a loyal buyer base – even opening its personal café in London which has been working since 2016. This 12 months, the model is on observe to ship £28m income – its largest 12 months to this point. And not too long ago, Impolite Well being has recertified as a BCorp with a rating of 120.7, placing it within the prime 3 foods and drinks manufacturers within the UK.
Impolite Well being will proceed to make the merchandise everybody has come to know and revel in. Oddlygood will set up a base for its UK operations and assist each manufacturers’ UK and European growth. The transfer will see Oddlygood enhance its market share of the aggressive UK plant-based drinks class, value £511m.
Camilla Barnard, Co-Founding father of Impolite Well being, says; ‘’We created Impolite Well being at our kitchen desk, to make wholesome consuming a celebration, not a sacrifice. From these primary beginnings mixing muesli we branched out into extra cereals after which dairy different drinks. The Impolite Well being® model has grown past something I might think about to change into a family title. Now’s the best time to discover a companion who might help take it to the following stage of success and Oddlygood shares so many values and the ambition to make this doable.’’
Tim Smith, CEO, Impolite Well being, commented: ‘’Becoming a member of forces with Oddlygood opens up new alternatives for development and innovation, and our shared missions round style, high quality and the essential function of plant-based foods and drinks make this a pure match. We’re wanting ahead to working collectively and leveraging our strengths and making the wholesome alternative a celebration (not a sacrifice) for our prospects. It’s an thrilling new chapter for the model and the workforce.’’
Niko Vuorenmaa, CEO of Oddlygood, added: ‘’Our ambition is to change into one of many main plant-based firms within the UK and Europe and this acquisition will assist speed up this, however key to its success is the robust alignment between Impolite Well being and Oddlygood.
Impolite Well being is without doubt one of the largest success tales in British plant-based meals. It’s nothing lower than spectacular the way in which the workforce has grown its product vary alongside such a particular and properly considered model to ship business success.
Each Oddlygood and Impolite Well being have complementary portfolios, goal audiences and capabilities which can allow us to develop each manufacturers alongside one another. What we’ve achieved with Oddlygood in such little time is all the way down to the experience and fervour of our workforce. We’ll focus the identical consideration and care to Impolite Well being and we’ll work in partnership with the workforce there to construct on its repute as a top quality and liked model and companion.’’
The worldwide plant-based dairy alternate options market is re-gathering tempo and is predicted to develop to $69 billion by 2030[4], making it a sizzling mattress for brand new funding and innovation. This might be Oddlygood’s second acquisition, after buying Nordic plant-based model, Planti, in 2023 to additional drive development and market-leading innovation.
The drive for prime quality innovation on this sector is vital to this acquisition. Oddlygood’s founding firm, Valio, has over 100 years’ dairy experience along with plant-based meat and dairy alternate options. A key participant within the worldwide dairy merchandise market, with a turnover of €2,3bn, it launched Oddlygood in 2018 to use its experience to a brand new and related sector. It later established it as a derivative in 2021 and it’s now rising globally at over 40% year-on-year. The model’s dedication to innovation consists of the manufacturing of its signature Barista Oat drinks, the place it makes use of the entire oat flour, delivering nice style and high quality while minimising oat waste.
Vuorenmaa added: ‘’The UK market is notoriously aggressive with established leaders however we consider that bringing these manufacturers and groups collectively will reinvigorate the market and re-engage each new and current customers of plant-based merchandise. We have now complete confidence in the way forward for the UK and European markets and the standard of the manufacturers and the merchandise now in our portfolio.’’
Worth gross sales within the UK dairy alternate options market are forecast to extend by 50% over the following 5 years.
For this acquisition, Impolite Well being was suggested by Spayne Lindsay & Co, the main consumer-focused M&A agency. Oddlygood was suggested by main Nordic M&A advisor Entry Companions.
