Freeths advises on sale of Shaken Udder to Spain’s leading chocolate business

Law firm Freeths has advised the selling founders of premium milkshake brand Shaken Udder and private equity investor LDC on the sale of Shaken Udder to Idilia, the leading chocolate business in Spain.

Based in Essex, Shaken Udder was founded in 2004 by husband-and-wife Jodie and Andrew Howie. They started offering premium milkshakes, made with fresh milk and real ingredients, at festivals including Glastonbury and Bestival before launching to retail in 2008 and breaking into major national supermarkets, including Waitrose, Sainsburys, Tesco, Co-Op and Asda.

LDC backed Shaken Udder’s management team in 2021 with a minority investment to help further expand the company’s customer base, enter new channels and develop new products. 

Since then, Shaken Udder has grown retailer distribution points by 14,500 (80%), expanded into the convenience channel with a range of ambient products and launched a new line of award-winning protein milkshakes. Over the course of its four-year partnership with LDC, Shaken Udder increased revenue by 91%, increased headcount by 66% and outgrew the market with a 23.5% CAGR.  

Under Idilia’s ownership, Shaken Udder will now operate as an independent business unit and will retain 100% of its current team.

The Freeths M&A team leading this project included Corporate Partner Ania Gabrielczyk, Managing Associate Maddy Scott and Associate Harry Fraser.

Commenting on the deal, Ania Gabrielczyk said: “This creates a platform for further growth and expansion of already well-recognised brand, Shaken Udder. It’s been a fabulous privilege to have worked alongside the immensely talented team and play a small role in the brand’s incredible journey so far.”