Finnish producer of plant-based products Oddlygood has announced the acquisition of vegan brand Planti from Norway’s Kavli Holding.

Through the acquisition, Oddlygood will become a market leader in plant-based dairy alternative snacks in Sweden and dairy alternative cooking products in Finland.

This transaction strengthens Oddlygood’s offering and aligns with its growth strategy of bringing more tasty products to the market.

Niko Vuorenmaa, CEO of Oddlygood, said: “Planti is our first acquisition and the next step on our growth journey…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.”

Through the acquisition, Oddlygood will become the owner of the Planti products and brand, as well as related intellectual property rights. According to Valio, the acquisition makes Oddlygood the second largest in the plant-based dairy alternatives market in Sweden and the third largest in Finland.

Under the deal, Oddlygood’s majority owner Valio has acquired Planti’s production in Turku, Finland, including employees at the site.

Kimmo Luoma, SVP at Valio Food, commented: “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.”

Kenneth Hamnes, group CEO of Kavli Holding, added: “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.”

The transaction will not result in any immediate changes in the Oddlygood or Planti product range or in their production. Financial terms of the deal were not disclosed.

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