VEGA acquired by WHITEWAVE

The WhiteWave Foods Company agreed on June 10, 2015 to acquire Vega, a Vancouver-based plant-based nutrition brand, from a shareholder group led by founder and president Charles Chang and VMG Partners, which held a majority stake. WhiteWave, whose brands include Silk, So Delicious and Earthbound Farm, said the purchase extends its plant-based foods and beverages platform into nutritional powders and bars, a category it had not previously served. Vega generated net sales of approximately over the preceding twelve months, growth of more than 30% on a constant currency basis, and the deal is expected to be at least $0.06 accretive to WhiteWave's adjusted earnings per share in 2016 and at least $0.09 accretive to adjusted cash earnings per share. The company will remain headquartered in Vancouver and its senior management team will continue to lead the business, with Brendan Brazier, the original formulator of Vega products, continuing in a product innovation role. WhiteWave intends to fund the acquisition under its existing $1 billion revolving credit facility. The transaction is expected to close in the third quarter of 2015, subject to regulatory approvals. BofA Merrill Lynch advised WhiteWave on the financial side and Haynes and Boone on legal matters, while Moelis & Company and Piper Jaffray & Co. acted as financial advisors and Winston & Strawn as legal advisor to Vega.