Organic Industry Structure

:
Acquisitions by the Top 30 Food Processors in North America

Dagoba
October 2006

2002, 5% Equity May 2005, 100% Equity

Green & Black's
1997

Seeds of Change

Alexia Foods
July 2007 July 2000

Lightlife

June 2009
General Mills
#7

Hershey Foods
#24

sold N.A. beverage division in 2008

Cadbury

M&M Mars
#14

ConAgra
#9

December 1999

Cascadian Farm
March 1998

Boca Foods
February 2000

Frutti di Bosco
June 2001

Millina's Finest

Earth's Best
September 1999 From Heinz

Muir Glen Nile Spice
December 1998

Heinz Kraft
Walnut Acres Mountain Sun
October 2001 June 2003 September 1999 $100 M 19.5% Equity; December 2005 0% Equity

#27

Spectrum Organics
August 2005 $33 M

French Meadow
April 1998 $80 M May 2002

Back to Nature
September 2003

#3

Garden of Eatin'

Rich Products Corp. (#40) January 2007

DeBole's Arrowhead Mills
August 2003

ShariAnn's White Wave/Silk
June 1998 36% Equity May 2002 100% Equity $189 M May 1999

TofuTown Westbrae Bearitos

June 2007 From Dean October 1997 $23.5 M

Hain Celestial
#85

Cargill
#20

Health Valley Breadshop
December 2002 April 1999 $80 M

Alta Dena

Dean
#6

Westsoy Little Bear

March 2000 $390 M

Horizon
April 1999

July 1998 13% Equity January 2004 100% Equity $216 M

Celestial Seasonings

Imagine/Rice Dream/Soy Dream

Casbah

The Organic Cow of Vermont

Nestle
#5

Bear Naked

Food Processors#

Kellogg
#10 Organic Brand Acquisitions Strategic Alliances
# Numbers refer to rank in North American food sales according to Food Processing, August, 2008

Coca-Cola
#13

Pepsi
#2

November 2007 $122 M

September 2008 $57M via Israeli subsidiary Osen Group (50.1% Equity)

October 2001 $181 M

November 2006

Wholesome & Hearty (Gardenburger)
Kashi

June 2000

Phil Howard, Assistant Professor Michigan State University

Tribe Mediterranean Foods

Naked Juice

November 1999 $307 M

Odwalla

Morningstar Farms/Natural Touch

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