Britvic has announced the acquisition of Plenish, a plant-based milks, cold-pressed juices and shots company. The soft drinks firm did not reveal the financial terms of the deal but said it would strengthen its offering in the fast-growing plant-based segment.
Founded in 2012 by Kara Rosen, Plenish offers a range of plant-based milks and plant-powered juice drinks all made from organic and sustainably sourced ingredients. The products are carried by national grocery retailers, including Sainsbury’s and Waitrose. Plenish also runs a successful direct-to-consumer (DTC) sales operation which is growing at over 100% per year.
Britvic stated that the transaction is closely aligned with its strategy of building a portfolio of soft drinks brands for every consumer occasion and its focus on accessing new spaces in the soft drinks category.
The company highlighted that the plant-based milks market is set to achieve a retail sales value of over £500m by 2024. The non-soya plant-based milks market has grown more than tenfold over the past decade and it is fast becoming a mainstream category, with some consumers favouring plant-based products over dairy.
Simon Litherland, Chief Executive Officer of Britvic, said: “Plenish is a fantastic addition to Britvic’s stable of market-leading products, and I am delighted to welcome them to our business.
“In only a short time, Plenish has built a hugely impressive brand offering a fantastic range of products that cater to the growing demand for healthy and nutritious juices and plant-based milks. At Britvic, we have a long history of building successful brands and we see tremendous potential in Plenish that we look forward to realising in the years ahead.”
Rosen added: “I’m so excited for Plenish to join forces with Britvic, who I’ve long admired as a brilliant builder of brands and shares similar values, particularly around healthier people and planet. Together we can reach more people in more places with products and programmes that help you feel good, made in a way that you can feel good about.”
NAM Implications:
- Although 9 years on the market…
- …with distribution in Sainsbury’s and Waitrose…
- …along with a successful direct-to-consumer (DTC) sales operation growing at over 100% per year…
- …Plenish will benefit from the Britvic footprint.
- Time for rivals to re-assess relative competitive appeal?
