Dean Foods (Dallas) is planning to spin off its WhiteWave Foods Co. subsidiary through an IPO. It expects to raise about $300 million from selling 20% of WhiteWave, which sells Horizon Organic dairy products and the Alpro and Silk soymilk and dairy-alternative brands. According to an SEC filing, WhiteWave generated total net sales of $2 billion in the year ended December 31, 2011, up from $1.2 billion in 2007, for a CAGR of 13.6%. As the IPO filing stated, plant-based foods and beverages represented a $1.6 billion category in the United States and Europe in 2011, with a CAGR of 8% in 2009-2011; almond-based beverages were among the fastest growing subcategories in the U.S. consumer packaged food industry with a CAGR of 157%. Organic milk represented $1 billion in U.S. sales in 2011 with a CAGR of 9% for that period. Dean Foods acquired Silk soymilk in 2002, Horizon Organic in 2004, and Alpro in 2009. Expected business benefits from the spin off were described as: market recognition of the value of the WhiteWave businesses, focused management attention, improved access to capital, and better ability to pursue strategic acquisitions.
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