Canadian plant-based company grows through 2 acquisitions

PlantPlus Foods, a Canadian developer of plant-based foods across the Americas, has acquired two companies to accelerate its development of plant-based proteins and products across branded and private brand offerings.

The technology-focused company acquired Sol Cuisine, a leader in the retail and foodservice space for both branded and private brand plant-based foods, for all cash consideration. Sol recently hired a former Loblaw leader as its chief financial officer.

PlantPlus Foods, a joint-venture controlled by Marfrig Global Foods S.A. said, through the deal, Sol Cuisine will be able to leverage PlantPlus Foods significant research and development and manufacturing resources, while enhancing PlantPlus Foods operations in North America to accelerate plant-based protein category growth in white spaces and new plant forward solutions. The acquisition will provide Sol Cuisine with access to additional capital, as well as strategic relationships and operational best practices, required to fuel continued growth, PlantPlus Foods added.

Additionally, the company acquired Hilary’s - Drink Eat Well, a branded supplier of allergen-free plant- and vegetable-based foods that don’t use wheat, gluten, soy, dairy, eggs, corn or nuts. The portfolio includes plant-based burgers and sausages distributed in the United States and Canada.

The Sol Cuisine transaction is subject to customary closing conditions and expected to close in Q1 2022.