PARIS (dpa-AFX) - French dairy giant Danone (DANOY.PK) Monday said it has signed an agreement to acquire an equity interest of over 90 percent in Happy Family, the fourth largest contender in the US baby food market.
Happy Family, launched in 2006, is one of the most innovative and dynamic companies in the US baby food sector, where it holds over 4 percent of the market.
The firm's gross sales total more than $60 million and strong growth is expected in 2013. The firm specializes in products made with premium organic ingredients.
Felix Martin Garcia, Executive Vice-President of the Danone Baby Nutrition division, said, 'We are delighted with this acquisition in an innovative and fast-moving segment of the baby food market. Building on a business model that has proven its effectiveness, we plan to step up the development of Happy Family and its brands.'
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