Lifeway Foods Announces Intent to Acquire Assets of GlenOaks Farms
03 Agosto 2021 - 10:00AM
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 1984 and introduced the first
Drinkable Yogurt. We’ve been working hard ever since to bring you
the most delicious tasting drinkable yogurt to go. To find out how
well we’ve done, we invite you to grab a bottle of GlenOaks
Drinkable Yogurt and drink up.
About Lifeway Foods, Inc.
Lifeway Foods, Inc., which has been recognized as one of Forbes'
Best Small Companies, is America's leading supplier of the
probiotic, fermented beverage known as kefir. In addition to its
line of drinkable kefir, the company also produces cheese and a
ProBugs line for kids. Lifeway's tart and tangy fermented dairy
products are now sold across the United States, Mexico, Ireland,
France and the United Kingdom. Learn how Lifeway is good for
more than just you at lifewayfoods.com.
Forward-Looking Statements
This release (and oral statements made regarding the subjects of
this release) contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995 regarding,
among other things, future operating and financial performance,
product development, market position, business strategy and
objectives. These statements use words, and variations of words,
such as “continue,” “build,” “future,” “increase,” “drive,”
“believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,”
“expect,” and “predict.” Other examples of forward looking
statements may include, but are not limited to, (i) statements of
Company plans and objectives, including the introduction of new
products, or estimates or predictions of actions by customers or
suppliers, (ii) statements of future economic performance, and
(III) statements of assumptions underlying other statements and
statements about Lifeway or its business. You are cautioned not to
rely on these forward-looking statements. These statements are
based on current expectations of future events and thus are
inherently subject to uncertainty. If underlying assumptions prove
inaccurate or known or unknown risks or uncertainties materialize,
actual results could vary materially from Lifeway’s expectations
and projections. These risks, uncertainties, and other factors
include: price competition; the decisions of customers or
consumers; the actions of competitors; changes in the pricing of
commodities; the effects of government regulation; possible delays
in the introduction of new products; and customer acceptance of
products and services. A further list and description of these
risks, uncertainties, and other factors can be found in Lifeway’s
Annual Report on Form 10-K for the fiscal year ended December 31,
2020, and the Company’s subsequent filings with the SEC. Copies of
these filings are available online at https://www.sec.gov,
http://lifewaykefir.com/investor-relations/, or on request from
Lifeway. Information in this release is as of the dates and time
periods indicated herein, and Lifeway does not undertake to update
any of the information contained in these materials, except as
required by law. Accordingly, YOU SHOULD NOT RELY ON THE ACCURACY
OF ANY OF THE STATEMENTS OR OTHER INFORMATION CONTAINED IN ANY
ARCHIVED PRESS RELEASE.
Contact:
Lifeway Foods, Inc.Phone: 847-967-1010Email:
info@lifeway.net
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