Maple Leaf closed acquisition of Field Roast Grain
Maple Leaf Foods announced the closing of its acquisition of Field Roast Grain Meat Co., a leading manufacturer and brand of premium grain-based 'meat' and vegan cheese products, for 120 million USD plus related costs.
Field Roast has established a leadership position and considerable brand equity in the rapidly growing premium segment of plant-based protein. This acquisition advances Maple Leaf's vision to be the most sustainable protein company on earth, including a core strategy to diversify into plant-based protein. With the acquisition of Field Roast, along with Lightlife Foods acquired in early 2017, Maple Leaf is now positioned as a leader in the U.S. retail market for plant-based proteins.
The transaction was financed from a combination of cash on hand and drawings under the existing credit facility. Based on current operating results, the acquisition is expected to be accretive to Maple Leaf's earnings in 2018.
Maple Leaf Foods is a leading consumer protein company in Canada, making high quality, innovative products under national brands. The company employs approximately 11,500 people and does business in Canada, the U.S. and Asia.
Source: Maple Leaf Foods