PlantPlus Foods has completed a CA$125 million (about $100 million) agreement to acquire Sol Cuisine, a Canadian plant-based food producer. The move to purchase Sol Cuisine was first announced in November 2021.
The transaction marks the second time PlantPlus Foods has acquired a plant-based brand. Two months ago, PlantPlus – a joint venture by food manufacturers Archer Midlands Daniel Co. and Marfrig – also purchased Eat Drink Well LLC, the parent company of Hilary’s Best plant-based line.
According to Forbes, PlantPlus expects the acquisitions to help it quickly expand its presence across the Americas. The company plans to use Marfrig’s established distribution for meat alternatives in South America, especially Brazil, to introduce Sol Cuisine’s products to a new regional market.
Serving demand for plant protein
Sol Cuisine was founded in 1996 to become a leading supplier of gourmet plant-based alternatives.The brand began by selling organic tofu products, and now offers an extended range of plant-based entrees sold in 4,000 retail locations including Whole Foods, Albertsons, Safeway, and Target.
PlantPlus Foods was first launched in 2020 by agrifoods giant Archer Daniels Midland Co. (ADM) and Marfrig, a leading global beef processor. Combining Marfrig’s production and distribution capacity with ADM’s technical knowledge and plant-based ingredients portfolio, PlantPlus Foods set out to meet the growing demand for plant protein in North and South America.
Since 2019, ADM and Marfrig have supplied plant-based burgers to Burger King and other food service clients in Brazil.
Becoming an industy enabler
PlantPlus has reportedly already initiated new research and development for Sol Cuisine products, and through its powerful innovation and commercialization platform, sees an opportunity to become an “industry enabler” for alternative protein, rather than a competitor.
“We see the potential of our aggregated portfolio [to offer] plant-forward solutions,” PlantPlus CEO John Pinto told Forbes. “The breadth of this portfolio will bring significant edge to the market.”
Source : vegconomist.com (24/01/2022)
Photo : Sol Cuisine (tirée de l'article original)