Australian Nutrition Boost
Danone Expands Healthy Nutrition Business in Australia Through MADE Group Acquisition and Saputo JV.
Key Points
MADE Group’s brand footprint goes beyond Cocobella and Rokeby: it also owns “The Collective, Nutrient Water, and Impressed,” according to the FMCG industry outlet.
MADE Group is being sold by U.S. private equity firm TPG Capital, which acquired the drinks business about five years earlier; the seller “earned nearly $2 billion” in that period, the same report said.
Danone CEO Antoine de Saint-Affrique said the acquisition reflects shared values, stating: “We share the same belief in health through food and are excited to welcome them into the Danone family.”
MADE Group CEO Amanda Butler said the deal will provide access to operational and innovation capabilities, adding: “Together, we will access new infrastructure, capabilities, and [research and development] expertise to accelerate our growth across the region.”
Danone has agreed to buy Australian health-food group MADE Group for about A$2 billion, Yahoo Finance reported, in one of its biggest bets yet on the Asia-Pacific region. At the same time, the French food giant will buy the remaining 49% stake in its fresh dairy joint venture with Saputo Dairy Australia, giving it full control of brands including YoPRO and Activia.
Both deals are expected to close in the second half of 2026, pending approval from the Australian Competition and Consumer Commission. Danone said the MADE Group deal will add to its earnings per share from the very first year.
TPG Turns A$350 Million Bet Into A$2 Billion Exit
U.S. private equity firm TPG Capital bought a 60% majority stake in MADE Group in May 2021, when the business was valued at roughly AUD 300–350 million, according to EDairy News. Five years later, it is walking away with nearly $2 billion, per Inside FMCG — a roughly 15x return on EBITDA. Bank of America ran the auction, with Chinese-backed New Hope Group also among the bidders before dropping out.
MADE Group was founded in 2005 by Luke Marget, Matt Gille, and Brad Lewis. The company pioneered protein smoothies and enhanced water in Australia. Its brands now include Cocobella, Rokeby, The Collective, Nutrient Water, and Impressed. GlobeNewswire reports the company is on track to generate over €300 million in revenue for the year ending June 2026, with EBITDA estimated at around $110 million.
Danone Gains Full Control of Its Australian Dairy Operations
Danone has operated a fresh dairy joint venture with Saputo Dairy Australia — originally set up with Murray Goulburn in 2010 — out of a manufacturing site in Kiewa, Victoria. By buying Saputo's 49% share, Danone gets complete control of the Kiewa plant and 100% of the brand equity behind YoPRO, Activia, and Ultimate, according to GlobeNewswire.
The JV structure had limited Danone's ability to move quickly. Full ownership removes that friction. Saputo, for its part, gets to refocus on its core industrial dairy and ingredients business, according to Just Food.
CEO Calls It a Shared Belief in 'Health Through Food'
Danone CEO Antoine de Saint-Affrique framed the deal as a values match, not just a financial one. "We share the same belief in health through food and are excited to welcome them into the Danone family," he said, per GlobeNewswire. MADE Group CEO Amanda Butler said the tie-up will unlock "new infrastructure, capabilities, and R&D expertise to accelerate our growth across the region."
The deal is the latest move in Danone's "Renew Strategy," a plan to shift toward high-margin nutrition brands. Danone agreed to buy British meal-replacement brand Huel for €1 billion in May 2026. It also completed the purchase of Kate Farms, a medical nutrition company, in July 2025. Danone's total global revenue in 2024 was €27.4 billion, according to company filings.
Danone's Second Chance After Pulling Out in 2020
This deal is not Danone's first attempt. The company explored buying MADE Group in early 2020 but backed away due to pandemic uncertainty and pressure from activist investors, according to EDairy News. Six years on, with demand for protein and gut-health products booming, Danone moved more decisively — and paid a much steeper price.
Financial analysts at Private Equity Insights called TPG's exit "orderly and lucrative," noting the 15x EBITDA multiple is a premium price but one justified by MADE Group's consistent double-digit growth. Danone shares were broadly flat on the day of the announcement, suggesting investors back the strategy but have questions about the cost, MergerSight reported.
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