M&A Deal Summary

Danone Acquires Functional Formularies

On May 1, 2024, Danone acquired food company Functional Formularies from Swander Pace Capital

Acquisition Highlights
  • This is Danone’s 24th transaction in the Food sector.
  • This is Danone’s 8th transaction in the United States.
  • This is Danone’s 1st transaction in Ohio.

M&A Deal Summary
Date 2024-05-01
Target Functional Formularies
Sector Food
Buyer(s) Danone
Sellers(s) Swander Pace Capital
Deal Type Add-on Acquisition

Target

Functional Formularies

Wilmington, Ohio, United States
Functional Formularies is a producer of organic, whole food, shelf-stable feeding tube formulas. The Company offers unique, organic, and whole food alternatives to traditional feeding tube formulas. Liquid Hope and Nourish are nutritionally complete, plant-based, and USDA-certified organic. Functional Formularies was founded in 2006 and is based in Wilmington, Ohio.

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Buyer(S) 1

Buyer

Danone

Paris, France
Category Company
Founded 1899
Sector Food
Employees88,843
Revenue 27.6B EUR (2023)
DESCRIPTION

Danone is a food & beverage company built on four businesses: Essential Dairy and Plant-Based Products, Waters, Early Life Nutrition, and Medical Nutrition. Danone was founded in 1899 and is based in Paris, France.

DEAL STATS #
Overall 39 of 39
Sector (Food) 24 of 24
Type (Add-on Acquisition) 18 of 18
State (Ohio) 1 of 1
Country (United States) 8 of 8
Year (2024) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-02 Horizon Organic

Broomfield, Colorado, United States

Horizon Organic is a brand of certified organic foods in the United States and a brand of certified organic milk in both the United States and the United Kingdom. Horizon Organic is based in Broomfield, Colorado.

Sell -

Seller(S) 1

SELLER

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.

DEAL STATS #
Overall 42 of 42
Sector (Food) 22 of 22
Type (Add-on Acquisition) 25 of 25
State (Ohio) 3 of 3
Country (United States) 35 of 35
Year (2024) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Patriot Pickle

Wayne, New Jersey, United States

Patriot Pickle provides a variety of refrigerated pickles, sauerkraut, and other pickled veggies. Patriot boasts a state-of-the-art, 86,000 square foot facility that is SQF Level 2 and HAACP certified. Patriot Pickle was founded in 2004 and is based in Wayne, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-06-27 Inovata

Edmonton, Alberta, Canada

Inovata Foods is a private-label manufacturer of frozen entrées specializing in a wide variety of global cuisines ranging from Italian to Indian. The company’s production facilities and strong team provide customers with superior service, innovative R&D, professionalism, and competitive pricing models. Inovata Foods was formed in 1989 and is based in Edmonton, Alberta.

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