CEO Tara Haddad says acquisitions a possibility

CEO Tara Haddad says acquisitions a possibility

Modern Meat, a manufacturer of plant-based products and sauces in Canada, has marked its entry to Australia with a co-packing and distribution agreement in the country.

The publicly-listed company based in Vancouver said it has signed a "non-binding letter of intent" with SPQR Holdings in Adelaide, which produces ready-meals, pasta and protein, cakes and pastries, sandwiches, salads, breads and coffee supplied to major retailers in south Australia such as IGA, Foodland, Coles, and Woolworths.

Last week, Modern Meat announced a similar arrangement with Real Vision Foods in California, marking the second stage of its entry to the US market.

Craig Wallace, head of global acquisitions for Modern Meat, said in a statement issued over the weekend: "Having grown up and worked in Australia early in my career and later at the Macquarie Group, I feel qualified to state that there is a significant growth opportunity in this market.

"I believe that there is a demand for quality plant-based products such as Modern Meat in the country and we look forward to filling that void. Working with SPQR, I feel we have the right team and expertise to ensure that Modern Meat is distributed across the country and begin our global launch programme." 

Modern Meat produces meat-free burgers, meatballs and crab cakes for the retail and foodservice channels. Earlier this month, the company announced it had acquired a selection of brands from US better-for-you snacks firm JDW Distributors, including Sun Popped Potato Crisps, Sunflower Chips and Sunsations Fruit Jellies.

CEO and founder of Modern Meat, Tara Haddad, added: "We have always had the vision that Modern Meat would become a global household name and with this launch to Australia we are one step closer. These upcoming months for the company are very exciting as we will continue our growth pattern with our own in-house products while looking for acquisitions that fit our model."