Canadian meat company Maple Leaf Foods has acquired US meat alternative brand Field Roast Grain Meat Co in a deal worth $120 million.
Based in Seattle, Field Roast is a brand of grain-based meat and vegan cheese products. It has annual sales of around $38 million.
Its products, which are made using grains, fresh vegetables, dried fruits, wine and spices, are marketed across North America, and include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetisers, and Chao brand vegan cheese slices.
The company was founded in 1997 and employs approximately 200 people at its facilities in Seattle.
The deal complements Maple Leaf Foods’ purchase of plant-based protein manufacturer Lightlife Foods for $140 million, which was announced earlier this year.
Speaking of the Field Roast deal, Maple Leaf president Michael McCain said: “[The acquisition] 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.”
Earlier this year Maple Leaf Foods announced its plans to become the most sustainable protein company in the world.
The company published what it calls an industry first set of Sustainable Meat Principles, which will guide best practices. These include ensuring that sustainable meat is produced adhering to environmental standards and by a company responsive to the needs of society.
© FoodBev Media Ltd 2018