Investments & Finance

Above Food to Acquire Atlantic Natural Foods in Deal Reported to Be North of $30M

Atlantic Natural Foods (ANF) has become the latest in a long line of brands to be acquired by plant-based foods company Above Food. ANF is best known for TUNO, its vegan canned tuna alternative.

Other products offered by the company include Neat, a shelf-stable egg replacer, and plant-based meal starters under the Loma Linda brand. ANF reported accelerated growth during the pandemic, including in international markets such as Thailand and Europe. Earlier this year, the company pledged to save a million fish by 2023.

“We are already selling products in Hungary, Sweden, Malta, Switzerland and in major discussions in both Germany and Benelux,” European Sales Director Eric Woods told vegconomist last year. “This shows that the demand is not just limited to the UK but something that we are seeing across Europe.”

The acquisition will allow Above Food to move into the alt-seafood and shelf-stable sectors, taking advantage of ANF’s years of experience in these areas. Following the acquisition, ANF’s chairman Douglas Hines will head Above’s plant-based seafood division.

Above Foods
©Above Foods

Above Food is a vertically integrated company, owning the entire supply chain of several crops such as chickpeas, oats, and fava beans. As a result, ANF will also benefit from the arrangement, gaining access to ingredients such as soy protein. The company is just one of several plant-based brands acquired by Above over the past year, including Only Oats and Culcherd. 

Last month, Above finally launched its direct-to-consumer e-commerce platform, with a focus on regenerative, natural, and organic foods. The platform emphasises traceability, so consumers know exactly where their food is coming from.

“Feeding the global population sustainably, with high quality nutritious plant-based foods, is how we will drive true change to address healthier foods with a healthy planet,” Douglas Hines, Chairman of ANF, told Forbes.

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