Field Roast Acquired by Canadian Company Maple Leaf Foods
Earlier this year, major Canadian packaged meats company Maple Leaf Foods acquired Lightlife Foods, a company that produces plant-based meat substitutes including tempeh, burgers, bacon and hot dogs, for $140 million.
Now, after setting its sights on “alternative proteins,” Maple Leaf Foods has acquired Field Roast Grain Meat Co., for $120 million. President and chief executive officer Michael McCain stated of the deal:
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins. 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.”
The “definitive agreement” is expected to close at the end of this year, “subject to customary regulatory review and transaction conditions.”