NEW YORK — Family-owned Lactalis has agreed to acquire siggi’s, the fast-growing U.S. based maker of Icelandic-style skyr yogurt with “simple ingredients, not a lot of sugar.” Price was not disclosed.
CEO and founder Siggi Hilmarsson will continue to lead the company as a standalone operation from its New York City offices with the existing senior management team. Bart Adlam remains president.
The company pioneered transparency, natural ingredients, and low sugar in the yogurt industry. Siggi’s outpaced the industry in 2017. Its topline grew 50% in 2017 while yogurt and Greek yogurt sales experienced an overall drop. and it expects to coninue that pace of growth in 2018, Adlam said in a press release.
Last July, Danone divested its organic Stonyfield yogurt in a sale to Lactalis for $875 million.
Hilmarsson started the company with a seed investment from his former professor and started selling at an outdoor market in downtown Manhattan in 2006. He founded siggi’s using the skyr recipes he grew up on.
The fastest growing yogurt in conventional grocery, siggi’s is a top 5-selling yogurt brand in many mainstream grocery chains including Stop & Shop, Meijer and Publix and recently became the No. 1 selling yogurt brand overall in Whole Foods Market, the company said.
“We’re excited to join the Lactalis family which offers the opportunity to further fuel our growth,” Hilmarsson said in a press release. “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.”.”
“We are delighted to welcome siggi’s to the Lactalis Group, which further expands our yogurt platform in the U.S. 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.
Other Lactalis brands include Rachel’s Organic.
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