Danone to Acquire Made Group, the Multi-Brand Owner of Cocobella Vegan Yoghurt

French dairy giant Danone has made its latest functional health acquisition, signing an agreement to buy Australia’s Made Group, maker of plant-based yoghurt brand Cocobella.

Danone has agreed to acquire Made Group, the Australian owner of coconut yoghurt brand Cocobella, marking its latest takeover deal in the functional nutrition space.

The French dairy giant has made a string of high-profile acquisitions focused on health trends like protein and fibre, including plant-based nutrition, over the last year.

This latest deal is designed to expand its presence across the Asia-Pacific region and accelerate growth in “key health-focused categories”, according to Danone CEO Antoine de Saint-Affrique.

Made is the parent company of Cocobella, Rokeby, Impressed, NutrientWater, and The Collective, and Danone’s decision to snap up the firm is “aligned with high-growth consumer trends in healthy-focused food products, including high-protein ready-to-drink products, gut-health yoghurts and smart hydration”, de Saint-Affrique said in a LinkedIn post.

Danone goes big on protein and gut health

Danone’s agreement to buy Made is subject to the customary regulatory approvals, but it marks its fourth acquisition in less than 14 months.

The French dairy leader – which owns non-dairy brands Alpro and Silk in Europe and the US, respectively – bought plant-based nutrition startup Kate Farms in mid-2025, shortly before taking over gut health supplements maker The Akkermansia Company.

These were followed by Danone’s acquisition of British firm Huel, which makes plant-based meal replacement products, earlier this year.

There’s a clear thread running across these deals: they’re all centred around gut health, which has become increasingly important in consumers’ eyes amid the rise of GLP-1 agonist drugs like Ozempic and online trends like fibermaxxing.

With Kate Farms and Huel, Danone has also doubled down on the protein boom, particularly through plant-based sources, in North America and Europe.

The purchase of Made will extend that effort to Asia-Pacific, where high-protein product launches have grown by 47% in the last five years. The Australian firm makes dairy-free yoghurts under Cocobella, and also as part of New Zealand-based The Collective.

“We are proud to have built a portfolio of trusted brands and innovative products that consistently deliver better on nutrition, taste and quality. Danone shares our commitment to health and a passion for innovation, and we are excited about what comes next,” said Made CEO Amanda Butler.

Acquisition follows $340M-plus annual turnover for Made Group

Danone has simultaneously entered a definitive agreement to acquire the remaining 49% stake in its existing fresh dairy joint venture with Saputo Dairy Australia.

Both deals are expected to close in the second half of this year, with Danone hoping they will create additional opportunities to “enhance its profitable growth prospects across the APAC region”.

Made’s brands have a significant presence here, and have consistently delivered double-digit growth and attractive margins, according to its would-be owner. For the fiscal year ending June 2026, the group recorded sales of over €300M ($343M).

“With Danone’s support, we gain access to new capabilities, infrastructure and expertise, while holding onto the entrepreneurial spirit that has defined how we operate,” Butler said in a LinkedIn post.

“This combination positions us well to continue to grow, whether that is scaling our innovation pipeline, deepening our presence in existing markets, or expanding into new ones,” she added.

Danone said Made’s financial success would represent a “meaningful contribution” to its Essential Dairy Products business in Asia-Pacific and be accretive to its operating margin from day one.

“With its strong portfolio of brands and healthy nutritional products, focusing on gut health and protein, Made shows an impressive track record of rapid and profitable growth. We share the same belief in health through food and are excited to welcome them into the Danone family,” said de Saint-Affrique.