Paramus, NJ—Udi’s Healthy Foods, LLC, a company known and loved for its gluten-free breads and other foods, is now owned by Smart Balance, Inc., based here.
Smart Balance snapped up the company for a cool $125 million in cash from a shareholder. From March 31, 2011–March 31, 2012, Udi’s generated sales of $60.9 million—marking a doubling of sales.
The purchase of Udi’s will expand Smart Balance’s reach into the market of foods for sensitive diets. In August, Smart Balance paid $66.3 million for the Glutino Food Group, which also offers gluten-free foods; Glutino previously acquired Ian’s Natural Foods, which specializes in allergy-friendly foods.
In a press statement, chairman and chief executive officer Stephen Hughes stated, “Udi’s leading bread and bakery portfolio is the perfect complement to Glutino’s wide range of grocery products. With this transaction, we will offer the most comprehensive portfolio of gluten-free products to address one of the fastest growing categories in the food industry.”
The deal is expected to close in July 2012.
Published in WholeFoods Magazine, July 2012 (online 6/1/12)