Maple Leaf Foods has completed its acquisition of Lightlife Foods, a leading manufacturer and brand of refrigerated plant-based protein foods in the United States. The transaction value of CA$140 million (US$136.7 million), plus related costs was financed from cash on hand.
Lightlife is the leading refrigerated plant protein brand and manufacturer in the United States, with approximately 38 percent market share, and provides an important growth opportunity in one of Maple Leaf’s strategic growth platforms. The U.S. market for plant-based proteins is estimated at US$600 million, with the refrigerated category representing over US$110 million and delivering double-digit annual growth. Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf Foods.
“Expanding into the fast growing alternative proteins market is one of Maple Leaf’s strategic growth platforms and advances our commitment to become a leader in sustainability,” said Michael McCain, President and CEO of Maple Leaf Foods. “The acquisition of Lightlife provides Maple Leaf with a leading market position and brand in the United States in a category that is outpacing growth in the broader packaged foods sector. We are committed to growing the business through investment in brand building, innovation and leveraging our respective capabilities.”