Danone S.A. (ENXTPA:BN) entered into a definitive agreement to acquire an unknown majority stake in Kate Farms, Inc. from a group of shareholders on May 12, 2025. Following the closing of the transaction, Kate Farms? Chief Executive Officer, Brett Matthews, will serve as Chairman and Chief Executive Officer of Danone?s North American Medical Nutrition business. Kate Farms? senior management will retain a minority stake in the combined business. The transaction remains subject to customary closing conditions, including regulatory approval.
Led by Evan Smith, Pelin Serpi, Heather Deixler, Josh Friedman, Laura Waller, Rene de Vera, Elizabeth Richards, Nicole Liffrig Molife, Joshua Holian, Patrick English, and Jamie Sadler of Latham & Watkins LLP acted as legal advisor for Kate Farms, Inc. Rothschild North America Inc. acted as financial advisor for Kate Farms, Inc. Centerview Partners LLC acted as financial advisor to Danone S.A.
Danone S.A. (ENXTPA:BN) completed the acquisition of an unknown majority stake in Kate Farms, Inc. from a group of shareholders on July 1, 2025. Alexander Temel of Paul Hastings LLP acted as legal advisor to Goldman Sachs Asset Management, L.P.
Danone is one the world leading food-processing groups. Net sales break down by family of products as follows:
- dairy products and plant products (48.2%; No. 1 worldwide): fresh fermented milk products, creams, products and drinks of plant origin (based in particular on soya, almond, hazelnut, rice, oats and coconut);
- specialized nutrition products (34%): baby foods (No. 2 worldwide; foods for infants and young children in addition to breastfeeding) and medical nutrition products (foods for people suffering from certain pathologies or people weakened by age);
- bottled water (17.8%; No. 2 worldwide): natural water, aromatized water or enriched in vitamins (brands Evian, Volvic, Badoit, Aqua, etc.).
At the end of 2025, the group had more than 180 production sites throughout the world.
Net sales are distributed geographically as follows: Europe (35.8%), North America (23.2%), China/North Asia/Oceania (14.5%), Asia/Middle East/Africa (16.3%) and Latin America (10.2%).
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