Canada’s Maple Leaf Foods makes its second acquisition of a meatless brand, this time for $120 million.
Canadian meat company Maple Leaf Foods announced this week its acquisition of Seattle-based vegan brand Field Roast for $120 million. Field Roast—which reported sales of $38 million—is known for its grain-based meats and Chao dairy-free cheese slices. “The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” Maple Leaf CEO Michael McCain said. “It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact. Field Roast has built brand leadership through focusing on quality, craftsmanship, and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building, and innovation.” This is the second vegan acquisition for the meat giant, as it acquired plant-based meat brand Lightlife for $140 million in February. “One thing is for certain,” Field Roast CEO David Lee said in a statment. “We are as committed as ever to the vegan movement, keeping our products vegan, and creating a more beautiful and peaceful world to live in.”