Company News

Atlantic Natural Foods Terminates Acquisition Agreement With Above Food

Atlantic Natural Foods (ANF), the manufacturer of shelf-stable plant-based brands Loma Linda®, neat™, and TUNO™, has withdrawn from an agreement that would have seen it acquired by vertically integrated plant-based food company Above Food.

ANF had initially hoped to enter a public environment in partnership with Above Food, but now plans to transition back to private ownership. The decision has been prompted by changes in the business landscape, including the global impact of COVID-19, supply chain disruptions, and rising food inflation.

Both parties have mutually agreed to the withdrawal, and ANF leadership will resume direct fiduciary oversight with a focus on addressing these challenges. However, the companies will maintain collaborative ties, with ANF retaining shares in Above Foods and the latter retaining interest in ANF.

© Atlantic Natural Foods

“Resetting the standards”

It was initially announced in 2021 that ANF would be acquired by Above Food, after the former saw accelerated growth during the pandemic. The acquisition would have allowed Above Food to move into the plant-based seafood and shelf-stable sectors. These plans still appeared to be on track last year, when Above announced it would become a publicly traded company.

Above successfully began trading on the Nasdaq Stock Market in July 2024, and continues to make strategic acquisitions. However, Atlantic Natural Foods will no longer be among them.

“Operating in the industry’s ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead,” said ANF Chairman Doug Hines. “We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers. This strategy allows us to reinstate our commitment to returning the company to its core principles, products, and consumers while carrying out our mission of creating healthy food for the world in 2025 and beyond.”

Share

Interviews