Spanish food-and-drinks group Idilia Foods has snapped up UK milkshake business Shaken Udder.
Idilia has acquired the milkshakes business from its founders Jodie and Andy Howie, and private-equity backer LDC, for an undisclosed sum.
LDC acquired a minority stake in Shaken Udder in 2021. The Howies will depart the business following the deal.
Founded in 2004, Shaken Udder is best known for its milkshakes, which are marketed as being free from artificial colours, flavours and sweeteners.
As part of the deal, Rob Reames, previously managing director of Shaken Udder, has become CEO. David Garman will step down as chair while Idilia CEO Xavi Pons will join the Shaken Udder board.
Reames said: “From the first meeting, it was clear that Idilia and Shaken Udder shared the same vision - like us, they are a family-owned business with a purpose to provide meaningful moments of pleasure.
"This commitment will not change, nor the team behind it: with Idilia’s support, we hope to accelerate Shaken Udder’s growth whilst shaking up the dairy category.”
The company said it will retain its entire team following the transaction.
Pons said: "Shaken Udder is a perfect fit with Idilia’s strategic approach and helps us take our corporate purpose even further: to create those small yet meaningful moments of pleasure and positive emotions that contribute to people’s emotional well-being.
"We are very pleased to welcome Shaken Udder into the Idilia ecosystem and look forward to helping it grow and add real value to the milkshake segment.”
Shaken Udder is currently worth £45m ($59.2m) in retail sales value, the joint statement said, while its revenue over the past four years has soared 91%, with a 23.5% CAGR, and it has added on 14,500 new distribution points.
In June last year, Idilia agreed to buy 50% of Spanish milkshake brand Cacaolat from brewer Damm in a joint-management deal.
Idilia’s portfolio also includes the ColaCao and Paladin drinking chocolate brands, as well as Okey milkshakes. It also owns the chocolate spread brand Nocilla.
