Marfrig, ADM plant-based venture expands with 2 North American acquisitions

 

Samantha Oller, FoodDive

Nov. 15, 2021

 

Dive Brief:

 

         PlantPlus Foods, a joint venture created by Archer Daniels Midland and beef processor Marfrig Global Foods, is acquiring DEW Drink Eat Well LLC, maker of Hilary's brand veggie burgers, and Sol Cuisine Ltd., a Canadian manufacturer of branded and private label plant-based products.

         Terms were not disclosed for the Drink Eat Well transaction. PlantPlus is acquiring Sol Cuisine in a deal valued at approximately 125.4 Canadian dollars (over $100 million) and is expected to close in first-quarter 2022, according to a press release.

         The acquisitions give PlantPlus an immediate foothold in the plant-based market in North America, with assets that provide broad exposure to branded and private-label products. It also provides the potential for complementary products developed in-house by the ingredients giant and Brazil-based meat producer that tap the experience of Hilary's and Sol Cuisine.

 

Dive Insight:

 

When Marfrig and ADM first launched PlantPlus, the companies positioned the joint venture's growth strategy as one rooted in product development. ADM would supply ingredients for its upcoming plant-based meat products, while Marfrig would produce, distribute and sell them. The acquisition of Hilary's and Sol Cuisine suggests that PlantPlus also recognizes the value of M&A in helping it quickly ramp up in a category that has attracted attention from nearly every major player in the food industry.

 

Hilary's, based in Lawrence, Kansas, has made a name for itself in plant based with its frozen veggie burgers free from the top 12 common food allergens and its status as a Certified B Corp...

 

more, including links

https://www.fooddive.com/news/marfrig-adm-plant-based-venture-expands-with-2-north-american-acquisitions/