Business
Lifeway Foods Announces Intent to Acquire Assets of GlenOaks Farms
Expands Position within the Better-for-You Drinkable Dairy Space MORTON GROVE, Ill., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Lifeway Foods, Inc. (Nasdaq: LWAY)
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"Expands Position within the Better-for-You Drinkable Dairy Space\nMORTON GROVE, Ill., Aug. 03, 2021 (GLOBE NEWSWIRE) -- Lifeway Foods, Inc. (Nasdaq: LWAY) (“Lifeway” or “the Company”), the leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today announced the intent to acquire certain assets of privately-held, California-based GlenOaks Farms, Inc., a respected and pioneering drinkable yogurt brand founded in 1984. GlenOaks’ product offering includes six different flavors of their popular drinkable yogurt products that are made with fruit puree and fresh California dairy. GlenOaks drinkable yogurt contains 3.5 billion probiotic cultures per serving and have been enjoyed by health-conscious customers for generations. “We are very excited to welcome GlenOaks Farms into the Lifeway family, as it will further solidify our strong position in California and the Western U.S.,” commented Julie Smolyansky, Lifeway’s President and Chief Executive Officer. “Their drinkable yogurt is an incredible strategic complement to our kefir and will help expand our presence in key retail partners in the West, which is a crucial area of growth. This acquisition unlocks an adjacent health-oriented consumer and stays true to our core mission of supporting the gut health, immunity and mental wellbeing of our customers. We look forward to further developing the robust California market and exploring opportunities to expand GlenOaks nationwide.” GlenOaks probiotic drinkable yogurt is both strategically aligned and extremely compatible with the Lifeway brand ethos and health-driven mission.Lifeway sees a strong potential for growth of the GlenOaks product by integrating it into the Lifeway brand and expanding distribution with new retail opportunities.Lifeway is the leader in the US drinkable kefir market, and excited to expand the drinkable dairy space and introduce consumers to the next wave of wellness nutrition.The transaction is expected to close in August 2021 for a purchase price of $5.8 million in cash, subject to certain adjustment conditions and approvals. About GlenOaks Farms, Inc. GlenOaks Farms is situated in Laguna Beach, nestled on the coast of California. The climate provides fertile valleys and amazing vistas that allow us to enjoy our work as much as we enjoy our yogurt. Our company was founded in 198...