PlantPlus Foods to acquire plant-based food firms Sol Cuisine and Hilary’s
PlantPlus Foods, a US-based provider of plant-based protein products, has signed separate agreements to acquire Sol Cuisine and DEW Drink Eat Well (Hilary’s).
Sol Cuisine produces branded and private label plant-based protein offerings across key center-of-plate and appetizer segments. Its products are offered via an omnichannel distribution platform in Canada, the US, and Mexico. This publicly listed company on the Toronto Stock Exchange (TSX) is being acquired by PlantPlus Foods for CAD 2.06 per share in cash, representing a consideration of around CAD 112 million.
Additionally, Sol Cuisine’s shareholders will be given compensation options of CAD 0.18 per warrant to take the total consideration of the deal to about CAD 125.4 million ($100 million).
PlantPlus Foods to acquire Sol Cuisine for $100m. Photo courtesy of CNW Group/Sol Cuisine Ltd.
Dror Balshine — Founder and President of Sol Cuisine said: “This Transaction represents fair value for shareholders and is the beginning of the next chapter of growth for the Company. By partnering with PlantPlus Foods, Sol Cuisine gains additional tools to scale, including capital, access to best-in-class ingredient suppliers and technologies, and the backing of premier operations and leading food technologies.
“We look forward to building the future of the Company together based on a mutual commitment to producing plant-based foods that are both superior in taste and uncompromising in nutrition.”
On the other hand, Hilary’s is engaged in producing allergen-free plant and vegetable-based foods that do not use wheat, soy, gluten, eggs, dairy, corn, or nuts. Focused on producing nutritious meals, Hilary’s has a portfolio of plant-based sausages and burgers that are distributed in the US as well as Canada.
PlantPlus Foods is a joint-venture controlled by Marfrig Global Foods
PlantPlus Foods said that the acquisitions of Sol Cuisine and Hilary’s will boost its operations in North America to expedite the growth of plant-based protein category in whitespaces as well as new plant-forward finished goods solutions.
The provider of plant-based protein products expects to complete the Sol Cuisine deal in Q1 2022, subject to satisfying customary closing conditions.