Establishes strong platform in the plant-based proteins market
MISSISSAUGA, ON, March 10, 2017 /CNW/ - Maple Leaf Foods (MFI: TSX) today announced that its acquisition of Lightlife Foods, Inc., a leading manufacturer and brand of refrigerated plant-based protein foods in the United States, has closed. The transaction value of $140 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% 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. "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."
About Maple Leaf Foods Inc.
Maple Leaf Foods Inc. is a leading consumer protein company, making high quality, innovative products under national brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, and Mina®. The Company employs approximately 11,000 people across Canada and exports to global markets, including the U.S. and Asia. The Company is headquartered in Mississauga, Ontario and its shares trade on the Toronto Stock Exchange (MFI).
SOURCE Maple Leaf Foods Inc.
For further information: Investor Contact: Jennifer Postelnik, 905-285-5898; Media Contact: Annemarie Dijkhuis, 905-285-1510