In Canada, Maple Leaf Foods, a consumer protein company, agreed to acquire Lightlife Foods, Inc., a manufacturer and brand of refrigerated plant-based protein foods for US$140 million. Lightlife manufactures and sells over 30 plant-based products including tempeh, hot dogs, breakfast foods and burgers and reported 2016 sales of $40 million with a 38% market share in the U.S. refrigerated plant proteins market.
“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,” 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.”
Maple Leaf is committed to leadership in sustainability and their expansion into plant-based proteins supports this commitment, while providing growth opportunities beyond advancing sustainable meat.