AFT Holdings, an investment and management group, has entered into an agreement to acquire meat-free protein provider Neat Foods via its subsidiary Atlantic Natural Foods.
AFT said the deal would further expand its presence in the “healthy living” sector. Neat markets a natural, gluten and soy free, shelf stable and ‘healthy’ alternative protein product made from pecans and garbanzos. Neat also offers Neat Egg, an all-natural vegan egg substitute.
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“Our products are a meat-alternative, 100% vegetarian/vegan, non-GMO, and gluten free,” said Neat co-founder Laura Lapp. “This merger with ANF will help us broaden our reach.”
The acquisition will strengthen Atlantic Natural Foods vegan portfolio and the company indicated that it is “in the market” for shelf-stable protein-based alternatives to add to its stable of existing products. “At ANF, we believe adding alternatives for our vegan consumers is critical to creating a solid shelf presence for present and future consumers,” ANF CEO Kelly Krause said.
James Douglas Hines, the CEO of AFT, added: “Great synergies exist between these two companies, which will only enhance the future in the developing healthy living food space. The commitment to investing in developing concepts, especially within the future’s lifestyle market, is at the core of our strategy.”
Financial details were not disclosed. However, AFT said that it was making a “multi-year commitment” to ensure future growth.
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