L Catterton Bets Big on Good Culture and Cottage Cheese

A majority investment in Good Culture shows private equity favoring proven, high-protein dairy brands over riskier food concepts

12 Jan 2026

Private equity investors are refocusing their bets in food, moving away from experimental protein technologies and towards established products with clear demand and room to grow. That change is underlined by L Catterton’s agreement to take a majority stake in Good Culture, a US dairy brand centred on high-protein cottage cheese.

The transaction values Good Culture at more than $500mn, according to people familiar with the deal, making it one of the largest food protein investments of the past year. For analysts, it signals a market in which consistency and execution are now valued as highly as novelty.

Good Culture has built its business around a product long seen as unfashionable. Cottage cheese, once associated with diet food, has been repositioned with simpler ingredients, higher protein content and a contemporary brand. Industry researchers say the category is among the fastest growing in cultured dairy, supported by steady retail sales gains.

Demand has been lifted by broader wellness trends, the popularity of high-protein eating plans and social media recipes that have introduced the product to younger consumers. Retailers have also favoured products that offer satiety and clear nutritional benefits during a period of cautious spending.

For L Catterton, the appeal lies in predictability. Dairy benefits from established supply chains, familiar regulation and more stable production costs than many emerging protein alternatives. Analysts say those features are particularly attractive as food companies grapple with volatile input prices and tighter retail scrutiny.

The private equity group, which has a track record of scaling global consumer brands, is expected to support Good Culture’s expansion into new retail channels, increase production capacity and pursue incremental innovation within cultured dairy.

Manna Tree, an existing shareholder, reinvested as part of the transaction. Analysts interpret that decision as a sign of confidence in Good Culture’s strategy as competition intensifies across protein-rich foods.

The deal reflects a broader recalibration in food investing. Capital is increasingly flowing to companies that can demonstrate sustained demand and operate at scale, even as funding becomes harder to secure for early-stage food technology ventures. For protein-focused dairy brands, the outlook remains stable, with familiar products adapted for modern nutrition expected to deliver steady growth.