Canada: Maple Leaf Foods to acquire Lightlife Foods
Canadian consumer packaged meats company Maple Leaf Foods has announced the acquisition of Lightlife Foods, a US company producing of vegetarian and vegan meat substitutes, for $140 million and related costs.
Lightlife manufactures over 30 products in its facility in Massachusetts including plant-based tempeh, hot dogs, breakfast food and burgers. In 2016, the company reported sales of approximately $40 million with a US market share of 38% .
"The acquisition of Lightlife provides Maple Leaf with a leading market position and brand in the United States in a category that is outpacing growth in the broader packaged foods sector", commented Michael McCain, president and CEO of Maple Leaf Foods. "We will expand our presence through investment in brand building, innovation and leveraging our respective capabilities".
The deal will close in March, subject to customary US regulation review.
Source: Maple Leaf