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Finnish plant-based food and drink company, Oddlygood, wants to shake-up the multi-million pounds UK milk substitute market after buying British competitor Rude Health.
Rude Health, founded by Camilla and Nick Barnard in 2005 at their kitchen table, is a top five UK plant-based drinks brand alongside its cereals and snacks. It is sold in major supermarkets both in-store and online.
It has its own café in London which opened in 2016 and is on track to deliver £28 million revenue this year – a record for the group.
Oddlygood is one of the leading brands in the Nordic plant-based market with a turnover this year expected to reach €50 million. Its products include plant-based alternatives to milk, cheese, puddings, cooking products and yoghurts. It is a spin-off from international dairy products group Valio with a turnover of €2.3 billion.
It launched its plant-based puddings into the UK market in 2023 and established itself in the competitive UK plant-based drinks category earlier on this year.
Oddlygood hopes the acquisition will accelerate the growth of both brands, help it achieve market leadership in the UK and Europe, and ‘reinvigorate’ the £511 million UK plant-based drinks market. The financial terms of the deal were not disclosed.
Camilla Barnard said: “Now is the right time to find a partner who can help take Rude Health to the next stage of success.”
Tim Smith, chief executive of Rude Health, added: ’Joining forces with Oddlygood opens up new opportunities for growth and innovation, and our shared missions around taste, quality and the crucial role of plant-based food and drink make this a natural fit.”
Niko Vuorenmaa, CEO of Oddlygood, said: ‘’Our ambition is to become one of the leading plant-based companies in the UK and Europe and this acquisition will help accelerate this. Both Oddlygood and Rude Health have complementary portfolios, target audiences and capabilities which will enable us to grow both brands alongside each other.”
The global plant-based dairy alternatives market is expected to grow to $69 billion by 2032 as more people turn to vegan diets for both health and environmental reasons.
Rude Health was advised by Spayne Lindsay & Co, the M&A firm. Oddlygood was advised by Nordic M&A advisor Access Partners.
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