Maple Leaf Foods announced Jan. 29 the closing of its acquisition of Field Roast Grain Meat Co., (“Field Roast”), a leading manufacturer and brand of premium grain-based ‘meat’ and vegan cheese products, for USD$120 million 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.