PlantPlus Foods, a joint venture between Marfrig Global Foods and ADM, has entered into definitive agreements to acquire Sol Cuisine and DEW Drink Eat Well.
With operations in the Americas, PlantPlus Foods is developing a portfolio of plant-based food products, and the acquisitions are expected to strengthen its position in the North American market.
DEW Drink Eat Well offers a range of free-from plant-based burgers and sausages under the Hilary’s brand, which are distributed in the US and Canada.
Meanwhile, Sol Cuisine is based in Canada, and produces branded and private-label plant-based protein products for the US, Mexican and domestic markets.
The Sol Cuisine deal is valued at approximately CAD 125.4 million ($100.2 million approx.), and is expected to close in the first quarter of 2022, subject to customary conditions.
Dror Balshine, founder and president of Sol Cuisine, said: “By partnering with PlantPlus Foods, Sol Cuisine gains additional tools to scale, including capital, access to best-in-class ingredient suppliers and technologies, and the backing of premier operations and leading food technologies”.
The company added that it will be able to leverage PlantPlus Foods’ ‘significant’ research and development and manufacturing resources.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry.
Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial