An organic baby and toddler food maker, Happy Family, which is owned branded as being "founded and operated by moms", has received a welcoming Mother's Day gift after French yogurt maker Danone announced it will buy 90-percent of the company.
The transaction is subject to the approval of the relevant authorities and is expected to be finalized in the next few months, Danone said. The companies didn't disclose a price.
The New York-based Happy Family company, which was founded in 2006, has more than a 4 percent share of the U.S. baby-food market, according to the statement. It generates gross sales of more than $60 million with products including brown rice baby cereal and breakfast smoothies, Danone said.
Although the yogurt maker does not produce any baby food in its product lines, Danone is trying to diversify its brand and company in a bid to increase sales. Europe's economic crisis hit sales hard in markets close to home and now the company wants to invest in international product lines.
The transaction must be approved by French and American authorities. It should be finalized in the coming months.
"This collaboration is a huge opportunity for us but also benefits families everywhere," said Shazi Visram, Founder and CEO of Happy Family. "I started Happy Family because I wanted to change the way children were fed and nourished. For the past seven years, we have put our heart and soul into introducing new and innovative organic options to children and families that provide them with optimal nutrition. Working with Groupe Danone will give us the opportunity to continue on our journey and even help propel it to the next level."
