Upfield Group B.V. Acquires Arivia, Leading Producer of Plant-Based Cheese

Amsterdam, Netherlands, October 17, 2019 UpfieldGroup B.V., the global leader of plantbased butter and spreads today announced that one of its group companies, Upfield Europe B.V. has entered into a share purchase agreement with Arivia S.A. Arivia is aleader in the plantbased cheese category, and owner of brand VIOLIFE. This strategic acquisition will enable Upfield to enter a new segment, presenting an additional growth opportunity for the company. VIOLIFE will become part of the iconic Upfield brand family, that includes household names such as FLORA, RAMA, COUNTRYCROCK, BLUE BAND and PROACTIV.

The plantbased cheese market is growing at an increasing pace, and on a global scale. VIOLIFE is already the number one plantbased cheese brand in the United Kingdom and Arivia has also built a strong and fastgrowing presence in the United States.

The combination of Arivia’s brand and product proposition, and Upfield’s brandmarketing expertise, infrastructure and worldwide distribution network includingin the food service channel will create a unique opportunity to accelerate the growth of the plantbased cheese segment globally. Arivia is headquartered in Thessaloniki, Greece with a factory located in the northeast of the country.

Commenting on the transaction, David Haines, CEO of Upfield Group B.V. said, “This acquisition is aligned with our growth strategy and mission to be the global authority in plantbased foods. Consumers are increasingly demanding quality, natural and tasty alternatives to dairy products, and welcoming Arivia products into the Upfield family, will enable us to go further in meeting those demands, whilst growing our plantbased offering.

“The team at Arivia has worked for the past two decades to innovate and create great products that excel in taste, naturalness, and performance. They have done a tremendous job in building their brand in two of the leading markets for plantbased foods and we look forward to working with them to continue those successes around the world.”

Anthimos Misailidis, CEO of Arivia S.A. said, “Our entire team is extremely pleased to become part of the Upfield family and pursue our common goals for more sustainable, higher quality and delicious alternatives to dairy products. Being firmly committed to growing consumer satisfaction, we are fully convinced that Upfield’s global footprint, combined with Arivia’s unique product offerings, will act as a catalyst towards increased availability of premium, plantbased products across all retail and food service outlets.”

The company expects to close the transaction within 3 months following customary regulatory approvals.