More Organic Firms Acquired in 2003

Dean, American Capital, SunOpta and Whole Foods make substantial investments in natural/organic space.

Last year saw more independent organic and natural food companies sold in whole or in part to conglomerates and private equity firms, leaving further M&A and investment activity constrained in the near term by the dwindling pool of right-size acquisition targets. Natural and organic companies that have gone under the hammer over the last four years include Small Planet Foods (General Mills), Worthington and Kashi (Kellogg), Boca and Back to Nature (Kraft), Odwalla (Coca-Cola), Imagine and

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