Elsa Group, part of the Swiss retail co-op Migros Group, has offloaded its Dutch tofu business SoFine to European plant-based product maker The New Originals Company.
The companies did not disclose the financial terms of the deal.
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Based in Landgraaf, Netherlands, SoFine has produced tofu and meat substitutes since 1963.
As part of the deal, The New Originals Company, also known as NOC, will take on the SoFine and ProLaterre brands, along with a production facility in Landgraaf.
SoFine and ProLaterre are sold in the Netherlands, Belgium, Germany, Switzerland and Finland, NOC said.
The company said its move to buy SoFine broadened its portfolio of more convenient tofu products such as tofu strips, mince, cubes, and water-packed tofu.
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By GlobalDataMatthias Krön, NOC’s CEO, said: “With SoFine, we are expanding our portfolio to include established and popular plant-based products, particularly in the convenience segment, and are developing the entire category in a targeted and innovative way.
In 2024, Migros announced plans to concentrate on its “core business” of retail, financial services and healthcare.
The group said there would be no job losses as a result of the transaction. Krön confirmed almost 100 employees from SoFine will join New Originals.
Elsa Group CEO Matthew Robin said: “SoFine and the New Originals Company are a perfect match. This sale provides SoFine with specialised support that will reinforce its future success.”
In October, NOC acquired a manufacturing facility in Germany from the UK’s Vegan Food Group (VFG).
