The Brief:
Danone acquires Melbourne-based Made Group from TPG Capital in a deal worth ~$2bn, adding Cocobella and Rokeby to its APAC portfolio.
Corrs advised Danone and Clifford Chance acted for TPG and other shareholders.
Made Group has a new owner. And TPG has one of private equity’s biggest paydays in years.
The buyer is Danone — France’s listed food giant, and one of the few big players riding the global health-food boom. Its deputy CEO Juergen Esser called Made a “mini Danone”, a nod to its mix of high-protein yoghurts, plant-based products and functional drinks.
The deal
TPG acquired Made from The Coca-Cola Company, Coca-Cola Amatil and its founders in 2021, when EBITDA sat at just $22.6m. By last financial year, that had climbed to $110m. The deal has a ~$2bn price tag and delivers a return of five or six times TPG’s initial investment.
Danone is adding Cocobella coconut water, Rokeby protein shakes, Impressed juices and Nutrient Water to a portfolio that already includes YoPRO, Activia, Evian and Aptamil. Revenue for the current financial year is tracking above $490m.
Alongside the Made acquisition, Danone is buying the remaining 49% stake in its fresh dairy joint venture with Saputo Dairy Australia. For Danone, the two deals together scale up its protein and plant-based offer in Australia and New Zealand.
Made CEO Amanda Butler is expected to stay on under Danone’s ownership.
Who’s acting
Corrs Chambers Westgarth advised Danone on all Australian aspects of both transactions, working alongside global lead counsel Latham & Watkins.
Head of Corporate Sandy Mak led the team, supported by corporate partner Shabarika Ajitkumar and a wide bench spanning competition, tax, banking and finance, IP, employment and disputes.
On the sell side, Clifford Chance advised TPG and other shareholders. Partner Jacob Kahwaji had acted for TPG on its original 2021 investment in Made, making this a full-circle moment five years in the making.
UBS advised Danone on the transaction. Bank of America ran the sale process for TPG.