Canada-based Above Food to acquire Atlantic Natural Foods for $30m
Above Food Corp., a Canadian plant-based food company, has agreed to acquire Atlantic Natural Foods for over $30m in an all-cash deal, as per an announcement made in late October.
Based in Nashville, US, Atlantic Natural Foods is engaged in producing plant-based alternatives for seafood, plant-based simple meals, and plant-based replacements for egg.
The transaction is aimed to address the most vital issues in the plant-based market by using the seed-to-fork platform of Above Food to sustainably produce affordable, densely nutritious and tasty foods by using the production facilities of Atlantic Natural Foods in North Carolina and Thailand.
Lionel Kambeitz — executive chairman and CEO of Above Food said: “We see an opportunity to help alleviate the environmental toll being taken on our oceans, as well as to provide consumers with alternatives they can feel good about.
“Atlantic Natural Foods has done an incredible job responding to the need for sustainable and high quality plant-based meals and alternative seafood, and we look forward to continuing that work together.”
The products of Atlantic Natural Foods are said to be available in over 25,000 retail locations in 30 countries. Its brands include the Loma Linda plant-based ready-to-eat meals, Tuno plant-based seafood, and Neat, an egg replacement and plant-protein mix brand.
J. Douglas Hines — chairman of Atlantic Natural Foods said: “Above Food’s seed-to-fork approach in plant-based foods is something we were independently building towards, as we believe owning the entire value chain is the only way to drive the scale of change necessary in the food system and create a true long-term business model.
“Feeding the global population sustainably with high quality, nutritious, plant-based foods is how we will drive true change to address healthier foods with a healthy planet.”
The deal is anticipated to close in the first quarter of 2022.