Century Pacific Food has confirmed the acquisition of assets from Atlantic Natural Foods, including the Loma Linda ready meals and Tuno alt-tuna brands.
The Philippines-headquartered food and drinks business said in a stock exchange filing the transaction was executed through its Century Pacific North America (CPNA) division for “less than” $10m.
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Century Pacific Food said today (12 August) the asset purchase enables it to “further scale its growing presence in shelf-stable, plant-based nutrition”.
The deal also includes the Neat egg alternative and the caffeine-free Kaffree Roma drinks brands, along with “formulations, select manufacturing assets, licences, and remaining inventory”.
Greg Banzon, chief operating officer of Century Pacific Food, said: “We are bringing together a trusted heritage brand and a disruptor brand under one roof – leveraging decades of consumer trust with bold innovation.
“This allows us to serve both loyal customers and new generations seeking accessible, nutritious, and sustainable food choices.”
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By GlobalDataCentury Pacific Food had expressed an interest in Atlantic Natural Foods assets and was named the stalking horse bidder in June.
Atlantic Natural Foods filed for Chapter 11 bankruptcy in the US in April.
A Louisiana bankruptcy court approved the bidding process in June and Atlantic Natural Foods signed an asset-purchase agreement with Century Pacific Food.
The bankruptcy filing revealed that Atlantic Natural Foods had assets ranging from $10m to $50m and liabilities between $1m and $10m.
Loma Linda, a brand with roots dating back to 1890, was “transformed” by Atlantic Natural Foods into a “key player” in health foods, Century Pacific Food said.
Since acquiring Loma Linda in 2016, Atlantic Natural Foods developed products such as Big Franks vegan hotdogs, Skallops, and Tuno, its flagship plant-based tuna, which are now available in North America and over 30 countries.
Century Pacific Food’s US business offers the unMeat brand, a shelf-stable plant-based product line sold in US retailers such as Walmart and over 13,000 stores globally.
Banzon concluded: “The acquisition reflects CPNA’s measured and profitable growth strategy: tapping into established markets while accelerating momentum for plant-based food adoption across diverse geographies.
“Ultimately, it reinforces the group’s broader mission of building a healthier, more sustainable portfolio that provides affordable nutrition to the consumers we serve.”
