Danone takes majority stake in Michel et Augustin

Danone has completed the acquisition of a majority stake in Michel & Augustin, increasing its ownership to 95% through its Danone Manifesto Ventures entity. This transaction follows an initial investment in 2016, which represented a 40% stake, and subsequent gradual increases in ownership over the years. As a result, Danone will fully consolidate Michel & Augustin into its financial statements as of April 1, 2019. Following the transaction, the founders will retain approximately 5% of the capital and remain involved in the brand's governance. This investment is part of a strategy initiated in 2016, aimed at supporting high-growth potential food brands through a phased approach combining minority stake acquisitions, operational support, and gradual integration into the Danone group. Danone's strategic objective is to integrate Michel & Augustin into its portfolio of mass-market brands to support its development and accelerate its expansion, particularly internationally. This integration will also enable the sharing of certain industrial, commercial, and distribution functions within the group. For Michel & Augustin, the transaction marks a milestone in its capital consolidation after several years of autonomous growth. The company remains focused on its historical categories (biscuits, dairy products, and beverages), with a key challenge of structuring its growth and deploying its international presence.

By taking control of Michel et Augustin, Danone continues its expansion strategy. Previously, the group had completed 2 acquisitions, including Whitewave in 2016.