Canada’s Maple Leaf Foods has entered an agreement to buy Field Roast Grain Meat Co for US$120m as part of a strategy to expand its product range in the US.
Maple Leaf, a consumer protein company located in Ontario, will fund the acquisition with a combination of its own cash and from an existing credit facility, with the transaction expected to be completed by year-end, according to a statement yesterday (30 November). The deal is subject to the approval of regulatory authorities.
Field Roast supplies grain-based meat and vegan cheese products to the North American market. Its range also includes sausages, frankfurters, burgers, deli slices and Chao brand vegan cheese. The company, based in Seattle, Washington, generates annual revenues of about $38m.
Maple Leaf’s chief executive Michael McCain said the purchase will help grow its presence in the US market for alternative proteins and “aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact”.
“Field Roast has built brand leadership through focusing on quality, craftsmanship and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building and innovation,” he added.