Danone buys Cocobella and Rokeby owner Made Group for a reported A$2b

Danone has agreed to buy Australian health-drinks maker Made Group in a deal reported at about A$2b. The acquisition hands the French food giant a stable of fast-growing local brands, including coconut water and yoghurt maker Cocobella and protein shakes brand Rokeby. For US private equity firm TPG Capital, the sale marks an exit after about five years in control.

Transaction snapshot

• Deal value: ~A$2b (reported, not officially disclosed)

• Deal multiples: N/A

• Deal type: Acquisition (100% of Made Group)

• Investors: Danone (buyer) and TPG Capital (seller)

Melbourne-based Made is a multi-brand business spanning functional food and drink. Beyond Cocobella and Rokeby, its portfolio includes the juice and smoothie label Impressed, NutrientWater and New Zealand yoghurt brand The Collective. The group booked sales of more than €300m (A$495.1m) in the year to June 2026, and Danone said its brands have paired double-digit growth with healthy margins.

Danone is acquiring Made outright. In a separate but simultaneous move, it also agreed to buy out the remaining 49% of its fresh dairy joint venture with Saputo Dairy Australia.

Danone framed the acquisition as a way to build out its Asia-Pacific business and expand its push into high-protein drinks, gut-health yoghurts and hydration. Chief executive Antoine de Saint-Affrique tied the deal to surging demand for protein and gut health, a trend amplified by the rise of GLP-1 weight-loss drugs such as Ozempic. The purchase is Danone's fourth in under 14 months, following Kate Farms, The Akkermansia Company and Huel. The company expects Made to add meaningfully to its Essential Dairy Products arm in the region and to lift operating margin from day one.

Made attracted several bidders before Danone prevailed. Danone's interest first emerged in April, though it faced competition from Singapore's sovereign wealth fund Temasek and China's CIC, both of which evaluated the business. China's New Hope also mounted a joint bid with soft-drink maker Huanlejia Food.