Press release October 2, 2023

Oddlygood, the Finnish producer of plant-based products, has acquired the Nordic brand Planti®. Through the acquisition, Oddlygood becomes the market leader in plant-based dairy alternative spoonable snacks in Sweden and dairy alternative cooking products in Finland. Oddlygood has delivered strong growth in a currently flat market. This transaction further strengthens their offering and aligns with the growth strategy of bringing more tasty products to the market.

Oddlygood, born from the desire to bring to the planet and all its people tasty and healthy plant-based alternatives, such as oat drinks and spoonable snack products, has now made its first acquisition. This is a natural step on the growth journey that began in 2018 and recently landed a record turnover of 23.5 million euros in 2022.

“Planti is our first acquisition and the next step on our growth journey. In the first half of this year, we delivered great momentum with +40% organic growth, compared to 2022, and growing significantly faster than the market. Planti’s portfolio complements our existing offering and strengthens our market position especially in spoonables and cooking. This fits right into our strategy in which we, with the support of our owners Valio and Mandatum Asset Management, are actively pursuing opportunities to grow through acquisitions like this one,” says Niko Vuorenmaa, CEO, Oddlygood.

VALIO ACQUIRES PLANTI’S PRODUCTION

The transaction, closed on 30.9., is twofold. Through the acquisition, Oddlygood becomes the owner of the Planti products and brand, as well as related intellectual property rights. Oddlygood becomes the market leader in dairy alternative spoonable snacks in Sweden(1), and in dairy alternative cooking products in Finland(2). The acquisition makes Oddlygood the second largest in the plant-based dairy alternatives market in Sweden(3) and the third largest in Finland(4).

Simultaneously, Oddlygood’s majority owner Valio acquires Planti’s production in Turku, including employees at the site.

Oddlygood has grown successfully even though the market is temporarily slowing and many other players are struggling. Long term, the global plant-based dairy alternatives market is expected to grow by double digits, from 2021-2030, to $69 billion at a compound annual growth rate (CAGR) of 12.0%(5). The market is driven by consumer interest in different aspects of sustainability along with a demand for tasty and healthy products, variety and the fact that food is becoming even more of a lifestyle marker.

“We see great long-term growth potential in the market for plant-based products and they have a key role in Valio’s growth strategy. As a result of the acquisition, we at Valio continue to strengthen our position as a world-class developer and manufacturer of plant-based products that fulfil the taste, nutrition and texture expectations of current and next product generations,” says Kimmo Luoma, Senior Vice President, Valio Food.

Until today, the Planti brand was part of the Norwegian Kavli Group. Its turnover in 2022 was 10.9 million euros.

– To sell Planti is a strategic decision we have considered thoroughly, aiming to focus on other categories in our business. We have been waiting for the right match and buyer profile who has the capacity and ambition to develop Planti. We are happy that Oddlygood and Valio are coming aboard and wish the new owners the best of luck, says Kenneth Hamnes, Group CEO of KavliHolding AS.

The companies are not disclosing the amount of the deal. The transaction does not result in any immediate changes in the Oddlygood® or Planti® product range or in their production.

1. Ref.no. 04983299, Date: 2023-09-29 Source: Nielsen ScanTrack, DVH Totalt, Yoghurt Alternative, Sales Value, MAT TY, 2023 W.36 (Copyright © NielsenIQ.)
2. NielsenIQ Homescan Finland. Non-dairy cooking. Value purchases. MAT end 13 Aug 2023
3. Ref.no. 04983299, Date: 2023-09-29 Source: Nielsen ScanTrack, DVH Totalt, Non-milk based Alternative Dairy,Sales Value, MAT TY, 2023 W.36 (Copyright © NielsenIQ.)
4. NielsenIQ Homescan Finland. Non-dairy drinks, cooking, snacks. Value purchases MAT end 13 Aug 2023
5. Precedence Research. Dairy Alternatives Market (By Source; By Product; By Formulation; By Distribution Channel) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030.

CONTACTS:

Nina Gillsvik, Chief Marketing and Communications Officer, Oddlygood, +46 70 558 72 93, nina@oddlygood.com

Valio Mediadesk, +358 10 381 2118, mediadesk@valio.fi

Jessica Sehlin, HR and Communications Director, Kavli, Jessica.sehlin@kavli.se

Oddlygood

Oddlygood wants to change the world with awesome taste. Our dedicated team builds on the strength of 100 years of food product expertise to continuously develop delicious plant-based products for everyone around the world who enjoy exceptional taste experiences. Our product range includes drinks, gurts, cheese and cooking products. We are backed by the Finnish food company Valio, which incorporated its Oddlygood® business in spring 2021. Valio and our other owner Mandatum Asset Management Private Equity give us the best possibilities to respond the growing, global demand for plant-based products. You can find appetising information about us online and on social media. Oddlygood® products are available in Finland, Sweden, the Baltics, the UK, Ireland, the Netherlands, Spain, Portugal, Poland, and more. www.oddlygood.com

Valio – The world’s most innovative dairy and food company

Valio’s mission is to create wellbeing and taste sensations in a responsible way. 3,700 Finnish dairy farmers own Valio through cooperatives. Valio employs 4,000 professionals in different sectors, and we listen to consumers. With a history dating back more than 100 years, Nobel Laureate A.I. Virtanen’s legacy lives on with us. When he headed Valio’s laboratories, the concept of improving the wellbeing of people took root as our guiding principle. We turn science into products that make life better. Consumers in more than 60 countries enjoy Valio products, and we have 350 patents for our innovations around the world. We are Finland’s biggest food exporter and a trailblazer for the whole food industry. Valio’s sales in 2022 were EUR 2,236 million. www.valio.com

Kavli – Kavli creates value for good causes

The Kavli Group owns and runs branded food businesses in Norway, Sweden, Finland, and the UK, employing more than 900 employees that manufacture and market brands with annual sales of more than NOK 4 billion.

The Kavli Group has a unique purpose – we create value for good causes. All our profit goes back to our owner, the Kavli Trust, which distributes funds to good and deserving causes. Our most well-known brands are Kavli, Q, Skyr, Primula, Johnny’s and Eriks. www.kavli.com