WhiteWave Foods Co., the dairy producer known for its Silk milk alternatives, agreed to buy nutrition food company Vega for about US$550 million in cash.
The Denver-based company will fund the purchase under its existing US$1 billion revolving credit line, it said inside a statement on Tuesday.
Vancouver-based Vega, founded in 2004, sells plant-based powdered shakes and snack bars. It had sales of approximately US$100 million previously 12 months. The offer is in line using the company\’s technique to expand its business into high-growth categories, WhiteWave Chairman and Chief Executive Officer Gregg Engles said in the statement.