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NAPA, Calif. -- Another small manufacturer in the booming organic/natural foods industry has been snatched up by a larger player. Homegrown Naturals, Inc. here said yesterday it has acquired Annie's Naturals, the leading maker of all-natural and organic salad dressings and condiments.
Solera Capital, LLC, the majority owner of Homegrown, facilitated the transaction through an investment in Homegrown. Financial terms of the acquisition and the Solera investment were not disclosed.
The addition of Annie's Naturals expands Homegrown's portfolio of environmentally friendly and socially responsible natural and organic brands. Homegrown's brands include Annie's Homegrown, the number one natural macaroni & cheese; Fantastic Foods, the pioneering brand in convenient vegetarian meals; and Consorzio flavored oils, dressings, and marinades.
"Annie's Naturals' commitment to delicious products made with high-quality ingredients, its leadership position in the natural dressing category, and its grassroots focus make it a great fit with Homegrown," said John Foraker, c.e.o. of Homegrown Naturals, in a statement. "The addition of the Annie's Naturals brand and its outstanding products broadens and strengthens Homegrown's portfolio of best-in-class brands."
According to Datamonitor, the organic food sector is growing at a rate of approximately 20 percent annually, compared to 3 percent for conventional foods.