Danone to acquire Australia's Made Group to boost Asia-Pacific protein push

Danone is paying for speed in Asia-Pacific, not just another beverage label. By agreeing to acquire Australia’s MADE Group and the remaining 49% of its fresh-dairy joint venture with Saputo Dairy Australia, the French group is buying a ready-made platform in coconut water, protein smoothies and functional yogurt, all categories where health-led demand is moving fast.

The deal gives Danone local scale it would have struggled to assemble on its own. MADE brings Cocobella, Rokeby, The Collective, Nutrient Water and Impressed, brands that already have recognition with Australian and New Zealand shoppers and extend into Southeast Asia. Danone already has a solid foothold in Australian functional yogurts through YoPRO, Activia and Ultimate, but MADE adds more than shelf space: it adds distribution, brand equity and a faster route into ready-to-drink protein and dairy-alternative formats that are gaining traction with consumers looking for satiety, muscle maintenance and convenient nutrition.

That matters because the growth story in protein is shifting. It is no longer confined to tubs of powder or gym-floor shakes. Danone’s move leans into the crossover between hydration, function and everyday wellness, where coconut water, spoonable yogurt and protein smoothies are doing more work than old-school dairy volume ever could. Danone deputy chief executive Juergen Esser has pointed to strong sales of high-protein yogurts in Australia and New Zealand, a sign that the regional market is already deep enough to reward premium health positioning.

MADE gives Danone a business with momentum. Danone said MADE generated more than €300 million in sales in the fiscal year ending June 2026, delivered double-digit growth and carried attractive margins. Danone also said the acquisition should be accretive to operating margin and earnings per share from year one, which suggests the company sees this as a disciplined portfolio move rather than a speculative bet.

The MADE business was founded in 2005. Cocobella began in 2010 as a coconut-water line sourced from plantations in Indonesia and Thailand, while Rokeby launched in 2013 around protein smoothies, probiotic yogurt and Fitmilk built on fresh Gippsland milk. Before the deal, MADE was majority owned by TPG Capital, with the co-founders holding the rest, and chief executive Amanda Butler is expected to stay on after the transaction.

For Danone, the acquisition fits a broader reset toward health-led eating and drinking. The company is building a portfolio around brands that can win in protein, yogurt and functional beverages, and MADE gives it a shortcut into one of the fastest-growing corners of the Asia-Pacific market.