Groupe Danone, a France-listed yoghurt maker, has agreed to acquire at least 90% of Happy Family, a US-based maker of baby and toddler food products.
Sellers would include venture philanthropy institutions Rain Source Capital, RSF Capital Management and the WK Kellogg Foundation.
News provider Wall Street Journal reports the deal was valued at “hundreds of millions of dollars”.
Happy Family said on its blog made no mention of the takeover but said: “Every day operations of Happy Family will remain unchanged, with the original two moms—Shazi Visram, founder and CEO [chief executive], and Jessica Rolph, founding partner and COO [chief operating officer] — continuing to oversee all sectors of the business with the same purity of purpose.
“Groupe Danone will assume the role of parent company providing additional resources allowing Happy Family to pioneer even more new products that deliver positive nutrition to babies and toddlers.”