Canadian investment issuer Eat Beyond Global Holdings, Inc. announced it has signed a letter of intent to acquire plant-based milk brand Banana Wave. The transaction would be part of an agreement to purchase all outstanding shares from Mylk Brands, Inc., which owns Banana Wave as a subsidiary.
Originally launched in 2013, Banana Wave was the first banana-based milk to hit the US market. Since then, other brands such as Mooala and Almond Breeze have also launched banana milk products, which – unlike oat, almond or soy milks – all blend whole fruit into the beverages. Earlier this year, Banana Wave was chosen as the “best-tasting alternative milk” in a blind taste test on NBC’s Today Show.
Based in Boca Raton, Florida, Banana Wave’s plant-based milks are made from oats and real bananas, available in original, unsweetened original, mango, chocolate and strawberry.
“We are delighted to be able to add Banana Wave to Eat Beyond’s roster of portfolio companies,” said Michael Aucoin, Eat Beyond CEO, “Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category. With truly great flavour and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness.”
According to Eat Beyond, the proposed transaction is still subject to regulatory approval, definitive documentation and third-party valuation of Mylk, Inc. Eat Beyond’s portfolio includes other successful alt-protein brands including Nabati Foods, Zoglo’s Incredible Food, The Very Good Food Company Inc. and Eat Just, Inc.
Says Steve Gelerman, CEO of Banana Wave: “We are delighted to be able to partner with the Eat Beyond team to help realize the true potential of Banana Wave. We have had tremendous early success in building the brand and with the financial resources and advisory capabilities of Eat Beyond, we intend to make Banana Wave a true market leader.”
Aucoin added, “Steve and the team have a track record of building great food companies. His leadership at Ian’s Natural Foods established it as an iconic natural foods brand and he brings that wealth of experience along with the tremendous products of Banana Wave”.
Banana Wave’s line can be found on Amazon, as well as major retailers such as Albertson’s, Safeway, Sprouts, and Whole Foods Market.