US-based Post Holdings has taken an undisclosed stake in local plant-based meat business Hungry Planet.
The Weetabix breakfast cereal owner said Hungry Planet will work closely with Post’s foodservice and retail units to expand the distribution of its range of meat alternatives.
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Post has not revealed the size of the stake it has taken in the business nor what it has paid for the shareholding.
Hungry Planet, which like Post is based in St. Louis, produces a range of “chef-crafted” plant-based meats that are distributed throughout the US to foodservice outlets, restaurants, grocery stores and e-commerce.
The Hungry Planet deal is Post’s second meat-free venture in the last eight months. In May 2020, Michael Foods, Post’s foodservice organisation, announced an agreement to manufacture and distribute Eat Just’s faux egg product Just Egg to foodservice and food ingredient customers.
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By GlobalDataIn relation to its latest deal, Post, when asked for details on the distribution deal, told just-food the companies have developed "a strategic partnership and are collaborating closely on foodservice and retail accounts throughout the United States".
"Together we will be developing items that will be exclusively available through Post, as well as working together to increase velocity through a variety of new and established distribution channels," a spokesperson said.
Todd Boyman, CEO and co-founder of Hungry Planet, said in a statement: "By delivering on taste, health and variety, we have seen tremendous success in foodservice and developed a very loyal following. This strategic collaboration with Post increases points of distribution and accelerates delivery of our plant-based meats in order to keep up with demand and reach millions more consumers."
Mark Westphal, president of Post's subsidiary Michael Foods, added: "Demand for plant-based meats is growing. We are excited to announce this partnership with Hungry Planet and to continue to offer more innovative product options to our customers."
