Vegan Flax Milk Brand Buys Back Ownership From Dairy Giant Dean Foods

Vegan brand Good Karma Foods has regained majority ownership of its flaxseed milk and yogurt business from recently bankrupt dairy giant Dean Foods. Last November, Dallas-based Dean Foods—the largest producer of dairy milk in the United States—filed for bankruptcy due to shifting consumer preferences and private-label competition. This presented Good Karma with the opportunity to regain ownership of its brand. A “significant” but undisclosed investment from early-stage food fund Valor Siren Ventures and existing investor 2x Consumer Products Growth Partners allowed Good Karma to buyout interest from the dairy company, which became a majority stakeholder after multiple investments in the vegan company since 2017. 

“We’re on a mission to inspire goodness and provide plant-based options that are nutritious, surprisingly delicious and creamy, and free of allergens,” Doug Radi, CEO of Good Karma, said. “We could not have found a better partner than Valor Siren Ventures to help us bring more plant-based goodness to more places, and [we] are honored to be among the mission-driven teams and brands in their portfolio.” 

Good Karma plans to continue to operate as a Boulder, CO-based independent company led by its existing leadership team. With the new investment partners, Good Karma plans to expand distribution, innovate in a variety of other plant-based categories, and expand its brand-building and consumer awareness programs. 

from RSSMix.com Mix ID 8319519 https://ift.tt/3lfHiTQ