The company’s U.S. operations are based in Parsippany.
Oddlygood manufactures oat drinks for coffee, oat yogurts, cheeses and dairy alternatives used in cooking and baking. It’s a spinoff of Valio, which is known for its Parsippany-based Finlandia brand of cheeses and butter in the U.S.
Valio spun off Oddlygood’s business earlier this year and remains the majority shareholder.
“Interest in plant-based products is growing exponentially worldwide, which we see in a significant increase in our sales. However, consumers will only change their day-to-day consumption habits if they find dairy alternatives that both taste good and fit their lifestyle,” Oddlygood Global’s CEO Niko Vuorenmaa said in a statement. “Consumer taste tests and sales results confirm we’re on the right path.”
Sales of Oddlygood products have doubled every year since the brand’s 2018 debut. In Sweden, Oddlygood has grown 131%; at the same time, market share of oat-based dairy alternatives has grown by just 12%. U.S. sales have not begun but are slated for early 2022.
Oddlygood products include oat milks, oat yogurts and plant-based cheeses. – ODDLYGOOD
Earlier this year, Oddlygood started marketing its cheeses to the U.S. foodservice sector with a focus on pizza operators, the company said.
“We will use Mandatum’s financing to accelerate the implementation of our growth strategy and to deepen our business development expertise,” said Vuorenmaa.
Mandatum Asset Management Private Equity targets Nordic growth companies with scalable business models and an eye on international expansion.
“Oddlygood has developed an excellent platform of delicious plant-based products. With our investment, Oddlygood Global will be able to accelerate the implementation of its growth strategy by developing its means of production, expanding its marketing efforts and hiring new professionals with global growth in mind. We will also be joining the company’s Board of Directors and working actively with Oddlygood’s management team. We are thrilled to be involved in making the company an even bigger international success story than it is today,” says Alexander Antas, head of Private Equity at Mandatum Asset Management in a prepared statement.
Assets for this investment come from the firm’s Finnish clients.[/vc_column_text][/vc_column][/vc_row]
