Lifeway Foods announces intent to acquire assets of GlenOaks Farms
The acquisition will expand Lifeway Foods’ position within the better-for-you drinkable dairy space.
Lifeway Foods Inc., a Morton Grove, Ill.-based supplier of kefir and other fermented probiotic products to support the microbiome, announced its intent to acquire certain assets of privately held Laguna Beach, Calif.-based GlenOaks Farms Inc., a drinkable yogurt brand founded in 1984. GlenOaks’ product offerings include six different flavors of popular drinkable yogurt products that are made with fruit puree and fresh California dairy. GlenOaks drinkable yogurt contains 3.5 billion probiotic cultures per serving and has been enjoyed by health-conscious customers for generations.
“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 U.S.,” commented Julie Smolyansky, Lifeway Foods’ 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,” she added. “We look forward to further developing the robust California market and exploring opportunities to expand GlenOaks nationwide.”
GlenOaks probiotic drinkable yogurt is both strategically aligned and extremely compatible with the Lifeway brand ethos and health-driven mission. Lifeway Foods 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.
Lifeway Foods said is the leader in the U.S. drinkable kefir market, and is excited to expand the drinkable dairy space and introduce consumers to the next wave of wellness nutrition. The transaction is expected to close in August 2021 for a purchase price of $5.8 million in cash, subject to certain adjustment conditions and approvals.
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