US Foods United, a firm backed by Blue Horizon and PHW Group, has acquired a majority stake in German meat alternatives supplier LikeMeat.
The deal includes a 51% stake acquired by Foods United from heristo AG for an undisclosed sum.
Founded in 2013, LikeMeat specialises in the production of vegan meat alternatives such as plant-based sausages, schnitzels, chicken pieces and mince.
The company’s range of products are exported to other European countries and the USA, available in food retail as well as for the food service industry.
A total of around 100 employees work for LikeMeat in its production facility in Oss, Netherlands as well as its Düsseldorf headquarters.
Based in Delaware, Foods United was set up with an aim to invest in suppliers of plant-based meat alternatives.
The firm focuses on the entire value chain from raw materials to production and marketing, to help the suppliers achieve a better presence and pricing in the market.
In a statement issued by PHW Group, LikeMeat has reportedly generated a revenue in the double-digit millions.
“This transaction is a strong signal for the market and will transform LikeMeat from a successful start-up to an international company and a global brand,” said LikeMeat founder and CEO Timo Recker.
Björn Witte, board member of Foods United, said: “This strategic stake with 51 percent in LikeMeat is the first significant step for us in establishing a group of companies in the highly dynamic environment of plant-based food. We look forward to actively supporting the LikeMeat team in the future in product development and marketing.”
© FoodBev Media Ltd 2020
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