Zoglo’s Incredible Food, a Canadian plant-based food manufacturer, is set to acquire a controlling 50.5% stake in British peer Monday Swiss UK for an undisclosed sum.
The Toronto-based company, which has recently started trading on the Canadian Securities Exchange, manufactures plant-based appetisers, meat substitutes and other lines. It offers 14 products through its Traditional Green Box range.
Zoglo’s Incredible Food sells its products in 700 retail stores across Canada, including at Walmart, Shoppers Drug Mart, Sobeys and Loblaw. It also has representation in the US and Europe.
Established in 2012, Monday Swiss produces a variety of plant-based food products. Its customers include Tesco, The Co-op and online grocer Ocado.
Zoglo’s Incredible Food said the acquisition will provide it with the capacity to expand globally and is expected to increase annual sales by up to CAD$6m (US$4.7m), which would result in the company’s annual revenue “increasing by up to 200%”.
Under the terms of a letter of intent, the company is paying for the 50.5% stake with shares worth EUR5.1m. Zoglo’s Incredible Food plans to put up a further EUR750,000 when the deal closes to satisfy certain debts owed by Monday Swiss.
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Anthony Morello, Zoglo’s Incredible Food’s CEO, said: “The proposed acquisition of Monday Swiss represents the beginning of Zoglo’s commitment to sustainable global expansion and leading plant-based food innovation.
“This acquisition creates a strong business for Zoglo’s in Europe and the UK in conjunction with its current evolving business in Canada and existing US business.”
London-based Monday Swiss has a facility with four production lines that can produce frozen, chilled and ready-to-eat plant-based products.
Post-deal, Monday Swiss founder Alon Cahn will join Zoglo’s Incredible Food as CEO of its European operations. He has previously worked for Nestlé and Wrigley.
He said: “With a production capacity of over 500,000 kilograms per month and the ability to double our capacity by 2023, I believe Zoglo’s is poised to become one of the leading plant-based meat alternative companies globally.”