Maple Leaf Foods to acquire Lightlife Foods for $140 million
Maple Leaf Foods has signed a definitive agreement with Brynwood Partners VI L.P. to acquire Lightlife Foods, a manufacturer and brand of refrigerated plant-based protein foods in the United States, for $140 million.
Maple Leaf Foods has signed a definitive agreement with Brynwood Partners VI L.P. to acquire Lightlife Foods, a manufacturer and brand of refrigerated plant-based protein foods in the United States, for $140 million.
“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,” said Michael McCain, president and CEO, Maple Leaf Foods. “Consumers are increasingly looking to diversify their protein consumption, including plant-based options. 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. We will expand our presence through investment in brand building, innovation, and leveraging our respective capabilities.”
Lightlife reported 2016 sales of approximately $40 million and has a 38% market share in the U.S. refrigerated plant proteins market. The company employs approximately 100 people at its facility in Turners Falls, Mass., where it manufactures more than 30 products, including plant-based tempeh, hot dogs, breakfast foods, and burgers. Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf.
The deal will close in March, subject to customary U.S. regulatory review.