Danone Buys Australia's Made Group in High-Protein Push — Update

By Aimee Look

Danone said it is buying Australia's Made Group, as the French food company seeks to cash in on growing appetite for high-protein products.

The maker of Activia yogurt and Evian water said Monday that the purchase of Made Group--majority owned by U.S. buyout group TPG--is part of a broader expansion into healthy nutrition.

The deal follows Danone's acquisition of functional beverage startup Huel earlier this year for around 1 billion euros ($1.15 billion), which propelled it into the booming market for protein and meal-replacement shakes.

Obesity drugs and social media have accelerated the trend of snack-makers jamming and infusing protein into products. Unable to keep pace with demand, dairy makers have been bolstering their capacity to process high-protein whey ingredients.

Founded in 2005, Made Group makes so-called functional waters--water with added nutrients--juices, protein drinks, yogurts and coconut-based products.

Made Group had sales of more than 300 million euros in the fiscal year ending June 2026, which is expected to make it a meaningful contributor to Danone's essential dairy and plant-based business in Asia-Pacific, it said.

TPG held a 60% stake in Made Group, and the co-founders owned the remaining 40%, according to a release at the time of the deal.

Amanda Butler, chief executive of Made Group, will stay on after the deal, a person familiar with the deal said.

Danone also on Monday said it would acquire the remaining 49% stake in its existing dairy joint venture with Saputo Dairy Australia, as part of its expansion in the Asia-Pacific region.

Write to Aimee Look at aimee.look@wsj.com

(END) Dow Jones Newswires

June 22, 2026 08:07 ET (12:07 GMT)