Field Roast Grain Meat, a leading premium grain- based meat and vegan cheese products company, is to be acquired by Maple Leaf foods for $120 million plus related costs. Field Roast Grain Meat has sales of approximately $38 million and the transaction was expected to be closed at the end of 2017 subject to customary regulations and transaction conditions. Maple Leaf Foods plans to finance the transaction through a combination of cash-on-hand and drawings under the existing credit facility.
According to Michael McCain, President and CEO Maple Leaf Foods:
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins. 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.”
Considered as the pioneer of the development of artisanal quality, grain based meat products. Field Roast Grain Meat draws its culinary heritage from Asia and Europe in its recipes with the use of grains, fresh vegetables, dried fruits, wine and other spices. Also a leading brand in the premium segment, Field Roast Grain Meat products are marketed across North America that includes fresh and frozen grain based roasts, loaves, frankfurters, sausages, burgers, deli slices, appetizers and Chao brand vegan cheese slices and entrees.
About Field Roast Grain Meat
Founded in 1997 and employing approximately 200 people in its manufacturing facility based in Seattle, Washington, Field Roast Grain Meat Co. is a premium vegan meat products company. It produces and markets its vegetarian products such as frankfurters, roasts, sausages, deli slices, cutlets, and loaves.
About Maple Leaf Foods
Headquartered in Mississauga, Ontario and hiring more than 11000 employees across North America, Maple Leaf Foods is a leading consumer protein company, making high quality, innovative products under brands including Maple Leaf®, Maple Leaf Prime®, Maple Leaf Natural Selections®, Schneiders®, Schneiders® Country Naturals®, Lightlife® and Mina®. Maple Leaf Foods is exported to more than 20 countries in the global market.