SAN DIEGO — Atlantic Natural Foods, L.L.C., a subsidiary of AFT Holdings, Inc., has entered into a letter of intent to acquire neat foods, L.L.C., a Lancaster, Pa.-based marketer of plant-based meat and egg substitutes. Financial terms were not disclosed.
Founded in 2011 by husband-and-wife team Laura and Phil Lapp, neat foods offers a gluten- and soy-free alternative to ground beef made with pecans and garbanzo beans. The company also introduced a vegan egg substitute made with chia seeds and garbanzo beans.
“Our daughters inspired us to develop a meat alternative for vegetarians, and this merger with ANF will help us broaden our reach,” Ms. Lapp said.
For Atlantic Natural Foods, the acquisition adds more shelf-stable protein-based alternative options to a portfolio that includes such vegetarian brands as Meatless Select, Caroline’s and Loma Linda.
“Great synergies exist between these two companies, which will only enhance the future in the developing healthy living food space,” said James Douglas Hines, chief executive officer of AFT Holdings. “The commitment to investing in developing concepts, especially within the future’s lifestyle market, is at the core of our strategy.”The deal is expected to close by the end of 2015.