Packaged meat giant Maple Leaf Foods has announced its plans to purchase Field Roast Grain Meat Co. for US$120 million, strengthening its position in the growing alternative proteins space.
Seattle, Wash.-based Field Roast is a maker of premium fresh and frozen alternative proteins in the form of sausages, roasts, burgers, vegan cheeses and entrees that are marketed in North America, generating annual sales of US$38 million.
Earlier this year Maple Leaf acquired Lightlife Foods, another plant-based protein company for US$140 million.
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” said Maple Leaf president and CEO Michael McCain in a release. “It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact.”
The transaction is expected to close at the end of 2017.