Plant-based protein business Modern Meat has announced it is to acquire fellow Canadian meat-free firm Kitskitchen Soups.

Vancouver-based Modern Meat said the deal will strengthen its brand portfolio of plant-based products.

Kitskitchen has a line-up of products, based around plant-based soup, which are available in grocery retailers in Canada including Fresh Street Market and Whole Foods.

It has been in business since 2013 and has forecast revenue of CAD950,000 (US$746,214) for 2021.

Tara Haddad, CEO of Modern Meat, said: “The acquisition unites us with a well-established brand with an attractive growth profile. Kitskitchen product and management aligns with Modern Meat’s philosophy of the fast-growing plant-based space. 

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"We feel the ready-to-eat category in the plant-based space is under explored. By acquiring a well-recognised local brand and putting our financial resources behind it, I feel we can grow the sales of Kitskitchen significantly."

When the transaction completes, Modern Meat will own the distribution rights to the Kitskitchen brands and said it plans to work with its existing team. 

Recently-listed Modern Meat said the total purchase price for this acquisition is 300,000 shares.

In November, Modern Meat revealed it had acquired brands from US better-for-you snacks firm JDW Distributors for US$450,000 before announcing co-packing deals in the US and Australia.