US food group Pinnacle Foods is to buy Canada-based plant-protein firm Garden Protein International for C$175m (US$154.6m), from investment firm TSG Consumer Partners and founder Yves Potvin.
Garden Protein’s product range includes chicken strips and tenders, ground beef and fish fillets – made using alternatives to animal protein – sold under the Gardein brand.
Pinnacle CEO Bob Gamgort said he believed plant-based protein “is at the tipping point of becoming mainstream”. Gardein will form part of Pinnacle’s Birds Eye business, Gamgort said.
“The acquisition of Gardein is a key enabler to continue building Birds Eye into the leading health and wellness brand focused on helping Americans eat more vegetables. By bringing Gardein under the Birds Eye umbrella, we will accelerate growth through expanded distribution, marketing and innovation,” Gamgort explained.
Potvin added: “We look forward to working with Birds Eye to expand the reach of great-tasting, plant-based protein products for consumers.”
The acquisition includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees, is expected to be completed later today.