Maple Leaf Foods to acquire grain-based 'meat' company
Dec. 1, 2017
by Monica Watrous
The $120 million deal for Field Roast Grain Meat Co. should close by the end of 2017.
MISSISSAUGA, Ontario – Maple Leaf Foods has reached a definitive agreement to acquire Field Roast Grain Meat Co. for $120 million. Field Roast produces grain-based “meat” and vegan cheese products, with sales of approximately $38 million. The deal is subject to customary regulatory review and transaction conditions, and is expected to close by the end of 2017.
|Michael McCain, president and CEO of Maple Leaf Foods
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” said Michael McCain, president and CEO. “It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact. Field Roast has built brand leadership through focusing on quality, craftsmanship and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building and innovation.”
Field Roast’s grain-based products are marketed across North America and include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, as well as Chao brand vegan cheese slices and entrees. The company was founded in 1997 and employs approximately 200 people. The company leases a 75,000-sq.-ft. manufacturing facility in Seattle.
Earlier this year, Maple Leaf Foods acquired Lightlife Foods, Inc. for $140 million and related costs, strengthening its positioning in the burgeoning US plant-based protein market. Maple Leaf Foods produces packaged meats under such brands as Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Schneiders Country Naturals and Mina.