Major Canadian Meat Company Buys Plant-Based Brand Lightlife Foods
Last year, Tyson Foods, one of the biggest meat producers in the United States, surprised and shocked many by investing in Beyond Meat, a company focused on revolutionizing plant-based protein. Now, a major Canadian packaged meats company, Maple Leaf Foods, has acquired Lightlife Foods, a company that produces plant-based meat substitutes, including tempeh, burgers, bacon and hot dogs, for $140 million.
According to PR Newswire, the deal is set to be finalized in March. While Lightlife management will remain in place, the company will operate as a subsidiary of Maple Leaf Foods. Michael McCain, President and CEO of the company, stated:
“Expanding into the fast growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability. Consumers are increasingly looking to diversify their protein consumption, including plant-based options.”
Roy Lubetkin, President and CEO of Lightlife Foods, stated that they are “truly excited” about the deal and see it as a way to “accelerate our growth and broaden our reach in the fast growing plant-based protein market.” According to PR Newswire, that plant-based protein market is “estimated at US$600 million.”
Photo Credit: www.brisaningredients.com