Marfrig, ADM plant-based venture expands with 2 North American acquisitions
Samantha Oller, FoodDive
Nov. 15, 2021
· 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.
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...
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