UK tofu business The Tofoo Co has struck a deal to buy German seitan-products supplier Topas.
The Tofoo Co, backed by private-equity firm Comitis Capital, is adding seitan to a range centred on tofu and tempeh.
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Topas, based close to Stuttgart, manufacturers seitan products, which it markets under the Wheaty brand in Germany, as well as in Austria, Switzerland and the Netherlands.
The company, which employs more than 100 staff, reported turnover of €14m ($16.6m) in its most recent financial year, a statement from The Tofoo Co said.
The Tofoo Co said it plans to “accelerate growth” of the Wheaty brand in Germany and look to expand the international distribution of the products. The company will seek to “unlock new opportunities” for Wheaty in the UK.
The Tofoo Co is planning to launch its products in Germany this year.
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By GlobalDataDavid Knibbs, The Tofoo Co’s CEO, said: “Wheaty has an exceptional heritage and reputation within organic plant-based products. We see huge potential to build on this strong base, grow the brand further across Europe and introduce exciting new opportunities in the UK. This partnership also gives us strong roots in Germany as we bring The Tofoo Co to the market.”
The deal will see Topas – founded in 1993 by Klaus Gaiser and his wife Sanni Ikola-Gaiser – get a new managing director.
Organic-industry executive Sebastian von Eltz will assume the position. Topas’s current MDs – Klaus and Miikka Gaiser – will stay on. Klaus will focus on product development, with Miikka leading “production and organisational matters”.
In the statement, Klaus Gaiser said: “Finding the right home for the business was incredibly important to us. The Tofoo Co and its shareholders align with our values, our commitment to organic quality and our belief in doing things the right way. They are good stewards of the business and there are many obvious areas for collaboration, particularly in bringing better-for-you, natural products to more people across Germany and the UK.”
Felix Jauch, principal at Comitis Capital, described the deal as “a highly strategic and complementary acquisition for The Tofoo Co”.
He said: “Topas brings deep expertise in organic seitan-based products, and a strong manufacturing and brand presence in Germany, enhancing The Tofoo Co’s existing platform and providing a strong local foundation at the heart of Europe.”
Comitis Capital invested in The Tofoo Co two years ago. Knibbs acquired the business in 2016 alongside Lydia Smith.
