The maker of Icelandic style yogurts with “simple ingredients, not a lot of sugar” is to be acquired by France based Lactalis. Founded by Siggi Hilmarsson, after moving to the U.S from Iceland, Siggi’s recipe was based on skyr which is Icelandic style yogurt. Siggi started selling his yogurt at an outdoor market in downtown Manhattan with the seed investment from his former professor. Siggi is now the fastest growing yogurt in conventional grocery and is a top 5 selling yogurt brand in many mainstream grocery chains including Stop & Shop, Meijer and Publix and recently became the #1 selling yogurt brand overall at Whole Food.
Continuing to operate from New York City office and remaining a standalone company under its current senior leadership team that includes Bart Adlam, CEO and President of Siggi’s, the acquisition is still subject to expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in the United States.
According to Siggi Hilmarsson, founder of Siggi’s:
“We’re excited to join the Lactalis family which offers the opportunity to further fuel our growth. Our core values of clean ingredient label and less sugar will remain 100 percent unchanged. Consumers everywhere are actively trying to reduce sugar in their diets so our offering has a global relevance.”
Bart Adlam, CEO and President of Siggi’s added:
“Siggi’s topline grew 50% in 2017 and we expect to match this in 2018 as we launch further innovations. We are excited to keep the momentum going with support from the largest dairy player in the world.”
Emmanuel Besnier, President of the Lactalis Group also said the following about the acquisition:
“We are delighted to welcome siggi’s to the Lactalis Group, which further expands our yogurt platform in the U.S. with this unique and fast-growing yogurt brand. We look forward to supporting siggi’s as it continues to bring its retail partners exceptional dollar growth in the yogurt category.”
Siggi’s legal counsel was The Giannuzzi Group and its financial advisor was J.P. Morgan Securities LLC. Dentons US LLP acted as the legal counsel to the Lactalis Group.
Lactalis was founded in France over 80 years ago by André Besnier. The world’s largest dairy company that employs more than 75000 people in 85 countries worldwide, Lactalis is active in all categories of the dairy market, and is the number one cheese manufacturer in the world. Some of its prestigious brands include Président®, Galbani®, Parmalat®, Stonyfield Farm®, Bridel, Rachel’s Organic, and Skånemejerier.
After moving to the U.S. from Iceland in 2005, Siggi Hilmarsson founded siggi’s that is being made from traditional yogurt recipe, skyr, which has been made in Iceland for over 1000 years. Siggi’s is now available throughout the U.S in retailers such as Whole Foods, Publix, Target, Wegmans and Starbucks.