GlenOaks’ product offering includes six different flavors of drinkable yogurt products, which contain 3.5bn probiotic cultures per serving, and are made with fruit puree and California dairy.
“We are very excited to welcome GlenOaks Farms into the Lifeway family, as it will further solidify our strong position in California and the western US,” saidd Julie Smolyansky, Lifeway’s president and CEO.
“Their drinkable yogurt is an incredible strategic complement to our kefir and will help expand our presence in key retail partners in the West, which is a crucial area of growth. This acquisition unlocks an adjacent health-oriented consumer and stays true to our core mission of supporting the gut health, immunity and mental wellbeing of our customers. We look forward to further developing the robust California market and exploring opportunities to expand GlenOaks nationwide.”
Lifeway said it sees a strong potential for growth of the GlenOaks product by integrating it into the Lifeway brand and expanding distribution with new retail opportunities.
The transaction is expected to close in August 2021 for a purchase price of $5.8m in cash, subject to certain adjustment conditions and approvals.