Food acquisition news : Canadian meat processor Maple Leaf Foods has agreed to acquire vegan meat company Field Roast Grain Meat for around $120 million in a move to expand its platform across the high growth alternative proteins market.
Based in Seattle in the US state of Washington, Field Roast Grain Meat manufactures grain-based meat and vegan cheese products. It boasts of generating sales of around $38 million.
According to Maple Leaf Foods, Field Roast Grain Meat introduced the development of grain-based meat products of artisanal quality and has been a leading brand in the vegan meat category.
Its recipes are inspired from the culinary heritage across Europe and Asia and as a result its products are made using grains, vegetables, dried fruits, spices and wine.
Commenting on Maple Leaf Foods acquisition of Field Roast Grain Meat, Michael McCain – the President and CEO of Maple Leaf Foods, said: “The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins.
“It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact.
“Field Roast has built brand leadership through focusing on quality, craftsmanship and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building and innovation.”
The products of Field Roast Grain Meat are sold across North America. These include frozen grain-based roasts and loaves, burgers, deli slices, sausages and frankfurters, and appetizers, along with Chao brand vegan cheese slices and entrees.
Field Roast Grain Meat was established in 1997. The vegan meat company has a workforce of around 200 people at its leased vegan meat processing plants in Seattle.
Maple Leaf Foods acquisition of Field Roast Grain Meat is anticipated to be completed by the year end, subject to regulatory approval and meeting of transaction conditions.
Headquartered in Mississauga, Ontario, Maple Leaf Foods is among the top consumer protein companies with over 11,000 employees across North America. The Canadian meat processor exports its products under the brands Maple Leaf, Maple Leaf Natural Selections, Maple Leaf Prime, Schneiders, Schneiders Country Naturals, Mina and Lightlife to more than 20 countries.
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