MISSISSAUGA, ONT. — Maple Leaf Foods Inc. has signed a definitive agreement to acquire Field Roast Grain Meat Co., a maker of grain-based meat and cheese alternatives, for $120 million, plus related costs. The deal is subject to customary regulatory review and transaction conditions and is expected to close by the end of the year.
With sales of approximately $38 million, Field Roast produces premium grain-based meat products, including fresh and frozen roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers under the Field Roast brand, and vegan cheese slices and entrees under the Chao brand. The Seattle-based company was founded in 1997 and has approximately 200 employees.
|Michael McCain, president and c.e.o. 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 chief executive officer of Maple Leaf Foods. “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.”Earlier this year, Maple Leaf Foods acquired Lightlife Foods, Inc. for $140 million and related costs, strengthening its positioning in the burgeoning U.S. 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.