Eat Beyond to acquire non-dairy milk brand Banana Wave

22-Nov-2021 - Last updated on 22-Nov-2021 at 17:46 GMT

Photo Credit: Banana Wave

Eat Beyond has entered an agreement to acquire all of the outstanding share capital of Mylk Brands Inc., and in the process will acquire non-dairy milk brand Banana Wave, produced by Mylk's wholly-owned subsidiary Fresh Start Beverage Company.

The planned acquisition of Banana Wave follows Eat Beyond's investment in oat-based dairy alternative brand Beyond Moo last month and reflects the company's goal of establishing a strong foothold in the plant-based dairy market.

According to a Meticulous Research report from March 2021, the dairy alternative market is expected to reach nearly $45bn by 2027 registering an 11.2% CAGR.

Based in Florida, Banana Wave produces a line of non-dairy beverages made from oats and banana available in five different flavors: original, unsweetened original, mango, chocolate, and strawberry. All varieties are gluten-free and soy-free with 90 calories or fewer per serving.

"Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category. With truly great flavor and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness," said Eat Beyond CEO Michael Aucoin.

The acquisition will help Banana Wave reach its "true potential," added Banana Wave CEO Steve Gelerman.

Banana Wave products are currently available on Amazon and retailers nationwide including Acme, Albertsons, Big Y, Giant Food, H.E.B., Market Basket, Price Chopper, Safeway, Sprouts, and Whole Foods Market.

"We have had tremendous early success in building the brand and with the financial resources and advisory capabilities of Eat Beyond, we intend to make Banana Wave a true market leader," said Gelerman.