LONDON – Ingredient supplier Tate & Lyle PLC has acquired most of the assets of Nutriati, Richmond, Va., a developer and manufacturer of chickpea-based ingredients sold under the Artesa brand. Terms of the acquisition were not disclosed.
The acquisition follows a November 2021 agreement between the two companies for Tate & Lyle to be the exclusive distributor of Nutriati’s chickpea protein and flour. Nutriati debuted the Artesa brand in 2018.
“Tate & Lyle is committed to breakthrough, innovative and sustainable plant-based solutions,” said Nick Hampton, chief executive officer of Tate & Lyle. “This acquisition complements our existing ingredient portfolio perfectly and supports our purpose pillars of supporting healthy living and caring for our planet. We look forward to fully maximizing the strong functional benefits of these plant-based, chickpea derived products and offering an even wider range of fortification solutions to our customers.”
Since its founding in 2013, Nutriati has raised $26.4 million. In December 2019 the chickpea ingredient developer secured $12.7 million in a Series C round led by Manna Tree Partners, a Vail, Colo.-based private equity investor. Primary applications for chickpea protein and flour include non-dairy, plant-based meat alternatives and gluten-free.
“Since establishing Nutriati, we have worked to solve taste, nutrition, functionality and sustainability challenges for the plant-based and gluten-free markets,” said Michael Todd, CEO of Nutriati. “With a global reach and strong focus on health and well-being, Tate & Lyle is very well positioned to develop this offering and I wish them all the best for the future.”
Tate & Lyle’s acquisition follows Westchester, Ill.-based Ingredion Inc.’s February 2022 investment in InnovoPro, Tel Aviv, Israel. Founded in 2015, InnovoPro has developed a proprietary extraction process to concentrate protein from chickpeas. The company offers a 70% protein concentrate that has a neutral taste, high functionality and high nutritional value, according to the company. Applications include dairy-free yogurt, ice cream, plant-based burgers and energy bars.
“We believe this investment will unlock huge consumer appeal for chickpea protein concentrates,” said Michael Natale, global leader of Ingredion’s plant-based protein platform, at the time of the investment. “InnovoPro has a strong portfolio of chickpea solutions, and we are excited about the potential for the new applications that this will enable for our customers by capitalizing on the trends shaping the food industry.”Terms of Ingredion’s investment were not disclosed.