Maple Leaf Foods Buying Lightlife

Cornelia Mascio
Febbraio 22, 2017

In the third quarter, Maple Leaf has recorded 70 percent growth in net earnings to C$31.8 million from C$18.7 million.

In 2016, Lightlife had a market share of 38 percent in the US plant protein market with total sales of around $40 million.

"The move highlights Maple Leaf Foods" commitment to enhancing the sustainability of its product portfolio, as well as the growing awareness of plant- and insect-based proteins as a potential solution to the world's future protein needs. They have facilities in Turners Falls, Massachusetts with around 100 people.

Maple Leaf announced Tuesday that it will acquire an American company that makes plant-based protein foods for US$140 million and any related costs.

The seller is private equity firm Brynwood Partners.

Maple Leaf said the acquisition will be accretive to its earnings in 2017.

The acquisition, using Maple Leaf's cash on hand, will be completed in March. "We will expand our presence through investment in brand building, innovation and leveraging our respective capabilities".

"We at Lightlife are truly excited about today's announcement which will allow us to accelerate our growth and broaden our reach in the fast growing plant-based protein market". The expansion into plant-based proteins supports this commitment and provides exciting growth opportunities for the Company beyond its platform in advancing sustainable meat.

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 Devour™. Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf.

The deal is subject to a USA regulatory review and is expected to close in March.

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