Oddlygood, the Nordic plant-based food and drinks business owned by Finnish dairy firm Valio, has snapped up UK rival Rude Health.
Financial terms of the deal were not disclosed.
Oddlygood said the move would increase its market share in the UK plant-based drinks category.
The business noted that the UK was “a key territory for the company”, with the purchase of Rude Health enabling it to “further diversify the business beyond the Nordics and drive both UK and European growth”.
Oddlygood CEO Niko Vuorenmaa said: “Our ambition is to become one of the leading plant-based companies in the UK and Europe and this acquisition will help accelerate this, but key to its success is the strong alignment between Rude Health and Oddlygood.
“Rude Health is one of the biggest success stories in British plant-based food. It’s nothing less than impressive the way the team has grown its product range alongside such a distinctive and well-thought-of brand to deliver commercial success.
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“Both Oddlygood and Rude Health have complementary portfolios, target audiences and capabilities which will enable us to grow the business. What we’ve achieved with Oddlygood in such little time is down to the expertise and passion of our team. We’ll focus the same attention and care to Rude Health and look forward to collaborating with their team.’’
Set up in 2005 by Camilla and Nick Barnard, Rude Health produces plant-based milks, made from oat, cashew, coconut, brown rice and soya.
It also manufactures breakfast and snacks, including porridge, granola and buckwheat crackers.
The business is projected to hit its largest revenue to date in 2024 at £28m ($36.3m).
PepsiCo acquired a 9% stake in Rude Health five years ago.
Rude Health will continue to produce the same range of products following the transaction, with Oddlygood setting up a UK operations site.
Helsinki-based Oddlygood sells plant-based cheeses, milks, desserts and yogurts across Europe. Its dairy-free desserts range entered the UK in 2023, while its plant-based drinks launched on the market earlier this year.
Rude Health CEO Tim Smith said the acquisition “opens up new opportunities for growth and innovation, and our shared missions around taste, quality and the crucial role of plant-based food and drink make this a natural fit.
“We’re looking forward to working together and leveraging our strengths and making the healthy choice a celebration (not a sacrifice) for our customers. It’s an exciting new chapter for the brand and the team.”
Co-founder Camilla Barnard added: “Now is the right time to find a partner who can help take it to the next stage of success and Oddlygood shares so many values and the ambition to make this possible”.
In October 2023, Oddlygood bought the Swedish dairy alternatives brand Planti for an unknown sum. It took the brand over from the Norwegian food company Kavli Holding.
As part of the deal, Oddlygood became the owner of the Planti brand and intellectual property rights. It also acquired Planti’s production facility located in Turku, Finland.
