MISSISSAUGA, ONT. – Sol Cuisine Ltd., the publicly traded parent company of Sol Cuisine Inc., will resume trading on the TSX Venture Exchange on May 25 under the ticker VEG following completion of its qualifying transaction and raising an additional C$15 million in two private placements.
In fiscal 2020, the plant-based protein manufacturer generated C$19.1 million in gross revenue (C$17.1 million net revenue). The company has focused on investing in its infrastructure and growing its senior management team.
The company is vertically integrated and operates two manufacturing facilities in Mississauga, Ont., with a total of 35,000 square feet. Sol Cuisine’s production facilities are fully built-out and capable of supporting growth up to 10 million kg of output which is three times the company’s current production rate. The facilities are GFSI, HACCP and GMP certified. Additional certifications, include Non-GMO, Gluten Free, Kosher, Halal, Organic (Canada), USDA Organic, and Vegan.
“We founded Sol Cuisine over 20 years ago, with the objective of producing plant-based protein products that were both delicious, and nutritionally superior to commercially available meat products and major competitive plant-based offerings,” said Dror Balshine, founder and president of Sol Cuisine. “Our team has succeeded, and as we transition the company into the public markets, the growth opportunity is bigger than ever. In a market conservatively expected to grow at an approximately 20 per cent annual rate through 20276, Sol Cuisine is positioned to win — for consumers, for the earth and for its shareholders.”
Sol Cuisine has developed a portfolio of more than 30 SKUs, focused on differentiated center-of-plate offerings, according to the company. Products fall into three primary platforms: burgers, appetizers and entrees. The company's plant-based products are currently available across an omni-channel distribution network in Canada and the United States. Four principal distribution channels include Canada retail sales and club; US retail sales and club; foodservice and industrial; and private label.
Grocery retailers that carry Sol Cuisine plant-based products includes Loblaws, Sobeys, Metro, Costco Wholesale, Albertson's, Target, Aramark, Sysco, Whole Foods Market 365 and Kroger.
“As Sol Cuisine transitions to the next chapter in its growth story, the Company is uniquely positioned to continue to delight consumers while delivering results for shareholders,” said John Flanagan, chief executive officer of Sol Cuisine. “Over the past several years, the company has developed a combination of best-in-class, highly differentiated products, established a broad North American distribution network, and financed and built-out the operational foundation necessary to support rapid and sustaining growth.
“With the capital to execute and a proven history of product innovation, consumer preference and nutritional superiority, Sol Cuisine has a clear strategic path to leadership in the North American plant-based protein sector,” Flanagan added.