CANADA, Mississauga, Ont. Maple Leaf Foods has signed a definitive agreement to acquire plant-based protein brand Lightlife Foods, Inc. from Brynwood Partners VI L.P. for $140 mill. and related costs. The transaction is expected to close in March, subject to customary US regulatory review.
With approximately $40 million in sales in 2016, Lightlife has 38% market share in the US refrigerated plant-based protein foods category and manufactures more than 30 products, including plant-based tempeh, hot dogs, breakfast foods and burgers, at its facility in Turner Falls, Mass. The deal strengthens Maple Leaf Foods’ position in the $600 mill. US plant-based protein market.
Maple Leaf Foods produces packaged meats under such brands as Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Schneiders Country Naturals, Mina and Devour. The company said the acquisition of Lightlife Foods reflects its commitment to environmental sustainability, animal welfare, food security, nutrition and health. Maple Leaf Foods’ expansion into plant-based protein underscores the segment’s significant growth in recent years.
Headquartered in Braintree, Mass., USA, Lightlife was founded in 1979 and employs approximately 100 people. Brynwood VI acquired the brand from ConAgra Foods in 2013. Since then, the company has significantly expanded its sales, production and profitability, according to Brynwood Partners.