Miyoko’s Creamery sold to Prosperity Organic Foods after financial turmoil
Miyoko’s Creamery, a renowned plant-based cheese and butter brand, has been acquired by Prosperity Organic Foods, Inc. The deal comes after a period of financial struggle for the company, which entered an Assignment for the Benefit of Creditors (ABC) process in October 2023.
Miyoko Schinner founded Miyoko’s Creamery in 2014, but the company faced growing challenges in recent years. In 2022, Schinner was removed as CEO, leading to legal disputes with the board. By 2023, the business struggled with debt and began exploring strategic options, including a potential sale.
The company’s financial difficulties worsened, forcing it into an ABC procedure. As part of restructuring, Miyoko’s Creamery planned to close its Petaluma, California, production facility and rely entirely on co-manufacturers. Despite Schinner’s attempts to regain control, the brand was ultimately sold to Prosperity Organic Foods.
Scott Fischer, CEO of Prosperity Organic Foods, has expressed enthusiasm about expanding the Miyoko’s brand. The new owners have committed to maintaining the company’s focus on quality, taste, and sustainability. However, Schinner is no longer involved with the brand and cannot endorse it.
The acquisition comes at a time when US retail sales of refrigerated plant-based cheese and butter have declined over the past year. Prosperity Organic Foods will now oversee Miyoko’s Creamery, with Stuart Kronauge serving as CEO since August 2023. The brand’s future will depend on its ability to adapt under new leadership.
