Maple Leaf Foods espouses vegan values with US$120m acquisition

1f903f36-2df9-4b98-b404-c8518fd81340articleimage.jpg

05 Dec 2017 --- Major Toronto-based meat company Maple Leaf Foods has again signaled its intention to step outside of its traditional space and strengthen its alternative protein portfolio by buying Field Roast Grain Meat Co.

Maple Leaf Foods has signed a definitive agreement to acquire the Seattle-headquartered firm which crafts vegetarian meat from grains, expanding its platform in the high growth alternative proteins market.

This comes after another deal in February when Maple Leaf Foods acquired veggie company Lightlife Foods for US$140 million, plus related costs.

Founded in 1997, Field Roast pioneered the development of artisanal quality, grain-based meat products and is a leading brand in the premium segment. It draws on culinary heritage from Europe and Asia in its recipes, using grains, fresh vegetables, dried fruits, wine and spices.

Products are marketed across North America and include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, and Chao brand vegan cheese slices and entrees. It has sales of approximately USD$38 million. 

“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” said Michael McCain, President and CEO. 

“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.”

Maple Leaf Foods expects to finance the transaction through a combination of cash-on-hand and drawings under the existing credit facility.  

The deal is subject to customary regulatory review and transaction conditions and the transaction is expected to close by the end of the year.

To contact our editorial team please email us at editorial@cnsmedia.com

Related Articles

Food Ingredients News

Rabobank report: What can the dairy sector learn from the dairy-free alternatives boom?

25 May 2018 --- A new Rabobank report examining how more consumers are going dairy-free at the same time as the sector is exploding with innovation, says that now is the time for the dairy industry to reflect on the success of alternative dairy products and to consider applying those lessons.

Food Ingredients News

Weekly Digest: Calls to end wasteful EU overfishing, Russian spice blends trend in World Cup run-up

25 May 2018 --- This week, nine global ocean conservation leaders urged the European Commissioner for the Environment, Maritime Affairs and Fisheries, Karmenu Vella, to use his “power, position, and responsibility” to end destructive and wasteful EU overfishing, ahead of the 2020 Common Fisheries Policy (CFP) deadline. Meanwhile, EHL Ingredients launched a new Russian herb and spice blend in the run-up to the 2018 FIFA World Cup tournament in Russia this summer. The latest export statistics from the Food and Drink Federation (FDF) revealed that Q1 2018 exports of food and drink have grown by 5.5 percent to £5.2bn (US$6.9bn), from £5.0bn (US$6.6bn) in Q1 2017. Elsewhere, the Hochdorf Group has signed an agreement to acquire Bimbosan AG in Welschenrohr, Switzerland and Stern-Wywiol Gruppe presented the cornerstones of its success at an International Sales Network Event in Hamburg.

Food Ingredients News

Chr. Hansen launches new starter cultures designed for white cheese

24 May 2018 --- Chr.  Hansen has launched a new product series which aid the formation of rich and aromatic notes in Mediterranean-style white cheese. This latest launch, DVS WHITE FLORA, secures rich flavor, more flexibility and consistent quality for the cheesemaker. The new product series consists of three cultures that aid the formation of white cheese and ensures consistent cheese quality and robust manufacturing.

Food Ingredients News

Pick up a praline: Pecan Deluxe plugs nut-based opportunities

24 May 2018 --- Pralines already feature in several popular ice cream and dessert brands globally and despite somewhat limited availability, the flavor is proving to be very popular. According to Pecan Deluxe Candy, this may be down in part to one trend that Australia can call its own – a growing interest in nut butter which merits the highest online search rating in the world.

Food Ingredients News

Plant proteins: Givaudan addresses the meat analog flavor challenge

23 May 2018 --- The trend towards health & wellness, and the growth in flexitarianism, are leading the rising demand for plant-based alternatives to meat protein as consumers seek healthier options. As a result, by 2050, demand for meat is expected to increase by 70 percent, surpassing supply. Plant-based meat analogs are therefore increasingly being seen as an alternative. Flavor supplier Givaudan has been involved in plant proteins and meat analogs for many years and has developed solutions for the established technologies used in the market.

More Articles