Canadian giant meat company to expand into plant protein products – acquires Lightlife Foods for $145 million

Maple Leaf Foods has announced that it has signed a definitive agreement with Brynwood Partners VI Image result for maple leaf foodsL.P. to acquire Lightlife Foods, Inc., a leading manufacturer and brand of refrigerated plant-based protein foods in the United States, for US$140 million, and related costs. The transaction will be financed from cash on hand. Based on current operating results, the acquisition is expected to be accretive to Maple Leaf’s earnings in 2017. The deal will close in March, subject to customary U.S. regulatory review.

“Expanding into the fast growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability,” said Michael McCain, President and CEO. “Consumers are increasingly looking to diversify their protein consumption, including plant-based options. The acquisition of Lightlife provides Maple Leaf with a leading market position and brand in the United States in a category that is outpacing growth in the broader packaged foods sector. We will expand our presence through investment in brand building, innovation and leveraging our respective capabilities.”

Lightlife reported 2016 sales of approximately US$40 million and has 38% market share in the U.S. refrigerated plant proteins market…. Read

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