Lightlife manufactures more than 30 innovative products, including plant-based tempeh, hot dogs, breakfast foods and burgers.
Canada-based Maple Leaf Foods signed a definitive agreement with Brynwood Partners VI L.P., Greenwich, Conn., to acquire Lightlife Foods, Inc., a manufacturer of refrigerated plant-based protein foods, for $140 million. The deal will close in March, subject to customary U.S. regulatory review.
"Expanding into the fast growing plant-based proteins market is one of Maple Leaf's strategic growth platforms and supports our commitment to become a leader in sustainability," says Michael McCain, president and CEO of Maple Leaf Foods. "Consumers are increasingly looking to diversify their protein consumption, including plant-based options. 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 will expand our presence through investment in brand building, innovation and leveraging our respective capabilities."