Builds leadership in U.S. Plant-Based Proteins Market
MISSISSAUGA, ON, Jan. 29, 2018 /CNW/ - Maple Leaf Foods (MFI: TSX) today announced 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.
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®, Mina®, and LightlifeTM. The Company employs approximately 11,500 people and does business in Canada, 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: Media Contact: Scott Bonikowsky, 905-285-1515; Investor Contact: Jennifer Postelnik, 905-285-5898