Modern Plant-Based Foods Inc. (CSE: MEAT), a Vancouver-based company specializing in plant-based food products, has announced the completion of its acquisition of AnimalKind, a plant-based pet food company headquartered in Richmond, British Columbia. Through this acquisition, Modern Plant-Based Foods is expanding into the plant-based pet food sector, diversifying its portfolio beyond human food products.
“AnimalKind will help us broaden our product offerings and better serve our customers with high-quality, sustainable solutions”
The acquisition of AnimalKind was finalized through the purchase of all outstanding securities of 1471394 B.C. Ltd., the company operating under the AnimalKind brand. AnimalKind’s product line includes sustainably sourced, plant-based treats for pets, such as blueberry, apple, and pumpkin treats for dogs.
According to the Share Exchange Agreement terms, Modern Plant-Based Foods issued a total of 4 million common shares to AnimalKind’s shareholders. Each share was valued at $0.20, for an aggregate value of approximately $800,000.
Growing market demand
The acquisition comes at a time of growing innovation in the alternative pet food market, driven by increasing research on the benefits of a plant-based diet for pets. As a result, the market is seeing a surge in new products, including plant-based dog food from companies like PawCo Foods and Wild Earth, along with cultivated pet food initiatives from Noochies!, Friends & Family Pet Food Co., and Novel Farms. Additionally, the recent launch of the Next Generation Pet Food Program aims to support sustainable innovation in pet nutrition.
Modern Plant-Based Foods, known for its portfolio of plant-based meat and dairy alternatives, vegan snacks, and soups, is one of several companies broadening its business model to include products that emphasize animal welfare and environmental benefits.
The company’s recent activities also include the acquisition of Northern Pacific Caviar, which produces a vegan caviar based on seaweed and chia seeds. This led to the launch of a new vegan caviar line earlier this year in salmon, wasabi, and beluga flavors.
Avtar Dhaliwal, CEO of Modern Plant-Based Foods, commented on the acquisition: “This acquisition fits seamlessly with our strategy to innovate in the plant-based and sustainable pet food market. AnimalKind will help us broaden our product offerings and better serve our customers with high-quality, sustainable solutions.”