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.
“The Tofoo Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”
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 Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”
Growing at +19.1% YOY
The Tofoo Co., established in 2016 by Knibbs and Smith and headquartered in Malton, North Yorkshire, has become a UK market leader in tofu and has earned multiple innovation awards.
While many brands in the market are struggling with declining sales, The Tofoo Co. is thriving, likely due to its emphasis on high-quality, less processed products that resonate with today’s health-conscious consumers.
“Tofu, a product once seen as being just for vegans and shunned by so many for being bland, boring, and tasteless, has finally been accepted into consumers’ fridges”
The Tofoo Co. reports that it is growing at +19.1% YOY. Besides performing exceptionally well with consistent growth measures in the last 12 and 4 weeks, the brand has surpassed its competitor, Cauldron, to become the second-largest meat-free brand, now holding a 62% market share in the tofu category.
Among this growth, the Naked 280g product has become the best-selling SKU in the tofu category. “Tofu, a product once seen as being just for vegans and shunned by so many for being bland, boring, and tasteless, has finally been accepted into consumers’ fridges as a staple natural alternative protein,” the company points out in the announcement.
Smith shares: The Tofoo Co. has plans to grow further, both with existing and new customers and channels, and needed a strong and proactive partner to help that growth journey. Comitis is a great fit as that partner for this next chapter of Tofoo Co.’s growth journey.”
A new era of rapid expansion
Besides its tofu line, the brand offers tempeh and a line of seitan products launched in collaboration with London’s The Temple of Seitan. Beyond listing in Waitrose and Tesco, the company is expanding into food service channels, partnering with restaurant chains like Wagamama and Slug & Lettuce Cocktail Bars.
The Tofoo Co. states it plans significant growth with existing and new customers and channels, and it sees Comitis as a suitable partner for realizing these ambitions.
Knibbs comments: “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co. to the next level.”
Felix Jauch, Investment Associate at Comitis, adds: “Together, we share a unified vision of propelling The Tofoo Co. into a leading position in the international plant-based meat alternatives market. With our investment, expertise, and extensive network, we are committed to fueling the company’s dynamic expansion plan.”
