You probably should check the composition of BUB sales, BUB annualised revenue for infant formula is about $7.1m, huge spike in their revenue was thanks to NuLac Foods acquisition.
NuLac Foods, its CapriLac is a very good brand, however having a look at their profitability. It's a completely different story. Infant formulas have a high profit margin, but not baby foods and milk powders.
BUB vs WHA, page-227
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