Ralph Scozzafava, CEO of Dean Foods, said, "Good Karma is a fast-growing brand that gets us back into the growing plant-based food and beverage category, making it an excellent addition to our portfolio.
"The plant-based beverage category is increasingly crowded, so finding established brands such as Good Karma to support and grow is a way for us to enter the plant-based category, yet limit the risk associated with the resources needed to invest in launching a new brand in this space. We believe this continues to be a winning approach now and an ideal opportunity for Dean Foods to build a platform for a plant-based portfolio in the future.
"Our investment in Good Karma is just one example of how we are executing against one of the major pillars of our strategic plan, to build and buy strong brands."
Dean Foods said Good Karma's plant-based products are free of all major allergens, deliver nutritional benefits and have a neutral flavor and creamy texture, which allows Dean Foods to reach consumers looking for alternatives to conventional dairy.
Doug Radi, Good Karma Foods CEO, said the deal validates Good Karma as one of the leading and fastest-growing brands in the plant-based category, and would make its products more available throughout the US.
Radi added, "What’s important to remember is that we will continue to operate as an independent company led by our existing leadership team. We’re fortunate to have an experienced and passionate team; talented stable of supply chain partners and strong working relationships with our distributor partners and retail customers.
"We look forward to continuing to build our business with these partners and believe we will all benefit from the growth of the Good Karma brand.”
Scozzafava said that as majority owners, Dean Foods wants to continue Good Karma’s “strong momentum and support their growth agenda."
Good Karma will continue to operate as a Boulder-based independent company led by its existing leadership team.
In May 2017, Dean Foods announced a minority investment and distribution deal with Good Karma, adding resources to expansion plans for the Colorado-based independent maker of flaxseed beverages and yogurt alternatives.