Investments & Acquisitions

Plant-Ex Ingredients

© Plant-Ex Ingredients

Plant-Ex Ingredients Secures £9M Investment to Drive International Expansion

Plant-Ex Ingredients, a UK producer of natural plant-derived flavours, colours, and extracts, has secured £9 million in funding from major investor BGF. The minority investment will help Plant-Ex to expand internationally, with a focus on the US market. The company established a division in Chicago earlier this year, and also has sites in Poland and Turkey. Within the last month, Plant-Ex has opened a new facility in Bristol with twice the capacity of its previous site; this should allow for further growth within the UK and internationally. The company’s products are already available in over 50 countries worldwide. Plant-Ex has also announced the appointment of Susan Barratt as non-executive chair. Barrett is highly experienced in the food and consumer goods industry, having previously held roles …

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Sperri plant-based meal replacement beverage

© Sperri

Plant-Based Meal Replacement Brand Sperri to Expand Into the US Following New Investment

Sperri, a Canadian brand of organic and allergen-free plant-based meal replacement beverages, has announced a new investment. Led by Nàdarra Ventures and supported by Invest Nova Scotia, the funding will allow Sperri to expand into the US and develop new products. Sperri was co-founded by Gregg Curwin, President and CEO of nutrition company Novagevity, and Dr. Mary Lynch, a physician and pain management specialist. Lynch was inspired to develop the beverages after noticing that many of her patients struggled to tolerate existing meal replacements due to ingredients such as dairy, gluten, refined sugars, and soy protein. To come up with a solution, Lynch partnered with Curwin, a seasoned entrepreneur. Their collaboration resulted in the development of Sperri, which is said to be Canada’s first organic …

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Employees breaking the ground of the new faba and pea facility

© Lantmännen

Swedish Cooperative Lantmännen Invests SEK 1.2 Billion in New Pea & Faba Protein Facility

Swedish cooperative Lantmännen announces a SEK 1.2 billion (€105M) investment in a new plant-based protein facility in Lidköping, Sweden. Expected to be operational by the first half of 2027, the new plant will produce 7,000 tonnes of pea and faba protein isolates annually for plant-based foods, from meat and dairy alternatives to sports drinks, gluten-free pasta and bakery products. The plant will create approximately 30 new jobs directly, plus hundreds of additional opportunities during the plant’s construction phase. Magnus Kagevik, Group President and CEO of Lantmännen, shares, “We need to produce more food to supply the world’s growing population, and there is a global and long-term increasing demand for plant-based proteins as a food ingredient. The investment (…) will strengthen the entire value chain from …

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German investment management firm Comitis Capital ("Comitis") has acquired The Tofoo Co., the UK's No. 2 meat-free brand, which commands over 60% of the market share in tofu.

© The Tofoo Co.

The Tofoo Co., the UK’s No. 2 Meat-Free Brand, is Acquired by Comitis Capital

German investment management firm Comitis Capital (“Comitis”) has acquired The Tofoo Co., the UK’s No. 2 meat-free brand, which commands over 60% of the tofu market share. Comitis Capital, which sees The Tofoo Co. ready for its next growth phase, aims to leverage its investment, expertise, and network to expand the brand. Founders David Knibbs and Lydia Smith will remain invested and continue to oversee the company’s growth in the UK and international markets. Nikolaus Bethlen, Managing Partner at Comitis, shares: “The Tofoo Co has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality products. David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth. The Tofoo …

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Adamo Foods steak

© Adamo Foods

Adamo Foods Secures $2.5M to Scale Clean-Label Mycelium Steak

Adamo Foods, a UK startup making beef steak alternatives from fungi, has raised $2.5 million in a seed funding round co-led by UK Innovation Science and Seed Fund (UKI2S) and Joyful Ventures. Adamo will use the funding to increase the production of its clean-label mycelium steak to pilot scale and expand its team by hiring senior food industry experts. The company also plans to develop more products, such as a chicken breast alternative. Milo Runkle, co-founder and General Partner at Joyful Ventures, will join Adamo’s board following the raise. With the mycelium steak, which is claimed to be the first ultra-realistic beef steak alternative made from fungi, Adamo plans to disrupt the whole-cut meat alternatives market. While most conventional meat products consumed worldwide are whole …

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above food redwood group

© vegconomist

Above Food Acquires The Redwood Group’s Specialty Crop Food Ingredients Division in $34 Million Deal

Above Food Ingredients Inc. (Nasdaq: ABVE) has announced the acquisition of The Redwood Group (TRC), LLC’s Specialty Crop Food Ingredients Division. The acquired assets, which are based in Montana, supply high-quality grains, pulses, and specialty crops to over 35 countries, serving both the human and pet food sectors. The deal, valued at $34 million, marks Above Food’s first physical expansion into the United States, significantly enhancing its supply chain and market presence. The assets generated $164 million in unaudited revenue in 2023 and have averaged an adjusted EBITDA of $5.3 million over the past three years.  Lionel Kambeitz, founder, president, CEO, and executive chairman of Above Foods, commented, “This acquisition marks a major milestone for Above Food and strengthens our international footprint as our first …

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© Boundless

Bristol’s Boundless Raises £1.5M, Becoming UK’s No.1 Gut Health Snack

Following an investment round of £1.5 million from notable industry investors including Graze co-founder Ben Jones (announced as the company’s director and investor in 2022), and the ex-head of M&S Food, Boundless of Bristol says it has secured its position as the UK’s number one gut health bagged snack. With the value of sales up by 110.2% year-on-year and volume up by 171%, the company’s value share in the Better For You category is leading at 1.6 times faster than its closest competitor according to Boundless, marking 58% year-on-year growth and putting founder & CEO Cathy Moseley in the top 10% of FMCG female founders. Boundless’ vegan-friendly portfolio includes chips in Sour Cream & Onion, Smoky Bacon, Sea Salt & Cider Vinegar, and Chipotle & …

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BiotoBio acquired by Probios

© BiotoBio

Probios Acquires BiotoBio in “Most Important M&A Transaction of the Year” in Food Health & Wellness

The Italian company Probios announces the acquisition of BiotoBio with the support of Agreen Capital. Probios aims to strengthen its position in the European health and wellness food sector via BiotoBio, a leading Italian supplier of organic, healthy and natural foods and cosmetics. The acquired portfolio includes the brands Baule Volante, Finestra sul Cielo, Fior di Loto, and Vivibio. According to Probios’ management, this is a “transformative” deal and an important step in the strategic plan of Probios and Agreen Capital to consolidate a leading centre for organic, healthy and natural food in Europe. Probios’ previous investor, EcorNaturaSì, will retain a minority stake. “This acquisition – the most important M&A transaction of the year so far in the Food Health & Wellness sector – will …

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Califia Farms acquires the plant-based milk dispenser company Uproot

© Califia Farms

Califia Farms Acquires Uproot’s “Turnkey” Plant-Based Milk Dispensers for Foodservice

California’s Califia Farms, a leading brand in the premium plant-based beverage market, has acquired the New York-based company Uproot Inc., which specializes in plant-based milk and dispensing solutions for foodservice operations. The acquisition will help Califa Farms expand its product and service offerings in the “Away From Home” market. The team from Uproot, including the founders, will join the Californian company. Kevin Eve and Jacob Conway founded Uproot to provide healthy plant-based beverages alongside sustainable packaging solutions. They created the “plantmilk” dispensing program to offer a complete service from product formulation and distribution to high-volume liters for cafeterias. Uproot’s machines, packed with oat, soy, and pea milk in chocolate flavor, are operational on over 150 college and university campuses and other dining locations. Kevin Eve …

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Frías Nutrición

© Frías Nutrición

Refresco to Acquire Private Label Plant-Based Milk Manufacturer Frías Nutrición

Global beverage solutions provider Refresco has announced an agreement to acquire private-label plant-based milk manufacturer Frías Nutrición from Alantra Private Equity and the Frías founding family. Based in Spain, Frías produces milk alternatives made from oats, soy, almond, rice, hazelnut, and coconut. The company’s facility in Burgos employs around 250 people, supplying products to major retailers in Spain and beyond. The transaction is expected to close later this year, but will be subject to regulatory approval. The financial terms have not been disclosed. Refresco is currently best known for offering products such as juices, carbonated soft drinks, and mineral water. The company is headquartered in Rotterdam, the Netherlands, and has production facilities in Europe, North America, and Australia. Through the acquisition, Refresco hopes to strengthen …

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Tate & Lyle has acquired CP Kelco, a nature-based ingredients company, for $1.8 billion.

© Tate & Lyle

Tate & Lyle Acquires CP Kelco for $1.8 Billion in Strategic Expansion for Sugar Reduction Ingredients and Stabilisers

Global food and beverage solutions company Tate & Lyle has acquired CP Kelco, a nature-based ingredients company, for $1.8 billion on a cash-free, debt-free basis. In the announcement, Tate & Lyle stated that this acquisition “expands our offering in the large (US$19 billion) and fast-growing (6% CAGR) specialty food and beverage ingredients addressable market, and unlocks further growth opportunities in core and adjacent markets.” Tate & Lyle, originating in Britain in 1859 as the sugar refinery Henry Tate & Sons and headquartered in London, was acquired by American Sugar Refining, Inc. in 2010, ending its long association with refined sugar production. Since then, the company has aligned with consumer trends for healthier, tastier, and more sustainable products by offering sugar-reduction solutions for products such as gummies, …

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© HOWND

Vegan Dog Food Brand HOWND Announces Sale to Leading Manufacturer Pets Choice

UK-based company Power Pet Brands has announced the sale of its multi-award-winning vegan dog food brand, HOWND, to leading industry manufacturer Pets Choice. Established in 2015, HOWND offers a range of plant-based wet and dry food for dogs, along with wellness treats and cruelty-free pet care products. Pets Choice will assume responsibility for HOWND’s sales from August 5. Through the acquisition, HOWND will benefit from Pets Choice’s extensive distribution network, making its products significantly more accessible to customers. The brand joins the manufacturer’s existing portfolio, which includes Webbox, Bob Martin, Felight, TastyBone, and Vet’s Kitchen. “This is another fantastic acquisition for Pets Choice as we continue our drive into product premiumisation,” said Pets Choice CEO Tony Raeburn. “HOWND will give our company an entrance into …

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The VERY Food Co founders

© The VERY Food Co

The VERY Food Co. Closes Funding Round, Bringing Total Capital Raised to Over €1M

The VERY Food Co., a French startup developing functional plant-based food ingredients to replace animal products, has completed an €850,000 funding round. The round saw participation from Apok Invest, public investment bank Bpifrance, and business angels such as Frédérick Bouisset and Pascal Viguié. The VERY Food Co. previously raised funding from Big Idea Ventures, and the new round takes the total sum secured by the startup to over €1 million. VERY will use the funding to accelerate the commercialisation of its products. This includes VERY AQUAFABA, an award-winning natural emulsifier that can replace egg whites in patisserie products and cocktails. The startup has also won a call for projects titled “Innovating for successful agro-ecological and food transitions”, part of the government-funded France 2030 investment plan. …

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Gathered Foods products

© Gathered Foods

Ahimsa Companies Acquires Good Catch Production Facility from Gathered Foods

Gathered Foods, known for its Good Catch plant-based seafood brand, has announced the sale of its production facility, Trellis, located in Heath, Ohio, to Ahimsa Companies. Ahimsa Companies, the newly formed holding company for plant-based brands, is one of Gathered Foods’ largest stakeholders. Under its new ownership, the facility will continue to function as a plant-based production hub. Gathered Foods will maintain its role as a strategic operating and intellectual property partner for both the facility and the broader portfolio of Ahimsa Companies’ consumer packaged goods holdings. The facility, commissioned in 2020, produces plant-based seafood, including crab cakes, fish burgers, tuna, and fish fillets, for the Good Catch product line. Ahimsa’s expansion strategy Ahimsa Companies, led by CEO Matt Tullman, is currently focused on acquiring …

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Heather Mills in blue suit

© Heather Mills

Heather Mills Acquires Alternative Stores to Create a Central Hub of ‘Hero’ Plant-Based Products in the UK

Heather Mills, owner and founder of VBites who was recently recognised as ‘Vegan Woman of the Year‘ at the 2024 Vegan Women’s Summit in Los Angeles, announces the acquisition of the award-winning online plant-based store Alternative Stores. This latest addition to Mills’ vegan portfolio aims to offer support to hundreds of family businesses and assist with the launch of their own brands, and follows last year’s acquisition of the Plant & Bean manufacturing facility in Boston, UK, which was facing administration. Alternative Stores lists a wide variety of notable plant-based brands including UK egg alternative producer Sinless Food; Naturli butter; LoveRaw confectionery; Violife cheese; Mummy Meegz chocolate and treats; and of course, VBites, in addition to other categories such as footwear, household, pet food, and …

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Foody's foie gras

© Foody's

Above Food Acquires Spanish 3D Printing Pioneer Foody’s, Bolstering FoodTech Capabilities Pre IPO

Canadian regenerative ingredient company Above Food Corp. has announced its acquisition of Brotalia, S.L., a Spanish company specializing in innovative food technologies. Brotalia, operating under the commercial name Foody’s, was previously a subsidiary of Spain-based Grupo Empresarial Enhol, S.L. Founded in 2017, Brotalia focuses on developing, producing, and marketing sustainable and nutritious food products. The company is notable for its advanced research in dry fermentation technologies, which enhance nutrient density by upcycling ingredients and by-products into high-value products. The acquisition excludes Brotalia’s hydroponic herb production business, Foodys Agro, which remains under the ownership of Grupo Enhol and Agorreta. Foody’s 3D printing technology Foody’s offers a range of plant-based products, including burgers, meatballs, nuggets, fish-style milanesa, and foie gras. The company has also led the commercialization …

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Tender pork

© Brian Samuels photography

Tender Food Raises $11M to “Replace” Extrusion and Animal Agriculture, Appoints Oatly President to Board

Tender Food Inc., a foodtech based in the Greater Boston Area, announces it has successfully closed over $11 million in Series A funding. Additionally, the company announces that Mike Messersmith, previously North American President of Oatly, has joined its board of directors to accelerate commercialization. The round was led by Rhapsody Venture Partners, with existing investors Lowercarbon Capital and Safar Partners and new investors Claridge Partners and Nor’easter Ventures. Tender’s $12 million Seed Round in 2022 famously included actress Natalie Portman. On a mission to replace extrusion tech The company, founded by Harvard engineers, states that it is aiming to “become the manufacturing platform for the industry, replacing traditional extrusion and ultimately animal agriculture” with its patented technology that spins plant protein fibers like cotton …

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Pete Speranza, Sarno brothers

© Wicked Kitchen/Good Catch

Wicked Kitchen Acquired by Ahimsa Companies in Strategic Industry Consolidation

Wicked Kitchen, a global plant-based food brand, along with its associated brands Good Catch and Current Foods, has been acquired by the Ahimsa Companies, becoming part of its plant-based industry consolidation effort.  Pete Speranza, CEO of Wicked Kitchen, stated, “We are aligned in our mission, and we believe that Wicked Kitchen is stronger today and better positioned to serve the health and environmentally conscious consumer who does not want to sacrifice on taste or convenience.” Wicked Kitchen, founded by chefs Derek and Chad Sarno, offers a wide range of plant-based foods, including frozen meal solutions, desserts, ingredients, and snacks. Its products are available in over 20,000 retailers and online, with over 50 products in the US and more than 150 in the UK. Industry consolidation …

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KPS acquires plant-based ingredient business Primient

© Primient

KPS to Acquire Tate & Lyle Plant-Based Ingredient Business Primient

In 2022, US investor KPS Capital Partners acquired a controlling interest in Tate & Lyle’s Primary Products business in North America. This led to the establishment of the independent plant-based ingredient business Primient. Now, Primient has announced that KPS will acquire the remainder of the company, bringing it into sole ownership. The transaction is expected to be completed by the end of July. Primient previously announced that it would make an “unprecedented” $700 million in capital investments over the next five years, with the aim of modernizing the business’ manufacturing footprint and encouraging growth. “Primient’s performance has exceeded our expectations, and this second investment represents KPS’ continued commitment to Primient, its customers, and employees,” said Michael Psaros, Co-Founder and Co-Managing Partner of KPS. “Under our …

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Freshcut Foods

© Freshcut Foods

UK Food & Beverage M&A Activity Reaches Highest Deal Volume Since 2016

A report by corporate finance house Oghma Partners has found an increase in merger and acquisition (M&A) activity in the UK food and beverage sector. Deal volume increased in the first four months of 2024 compared to the same period in 2023, reaching the highest levels since T1 2016. However, deal values remained low; only 4.7% of deals were above £50.0 million in Enterprise Value, and none surpassed £100.0 million. Total deal value decreased by 31.7% compared to the same period last year. This is largely due to challenging macroeconomic headwinds in the UK, which have persisted despite the recent easing of market conditions. Furthermore, 14% of deals were acquisitions out of administration, as inflation and high interest created a difficult trading and funding environment …

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