MISSISSAUGA — Maple Leaf Foods’ acquisition of Lightlife Foods, Inc. has been finalized. The transaction value of $140 million plus related costs was financed from cash on hand.
Lightlife is the leading refrigerated plant protein brand and manufacturer in the U.S, with approximately 38 per cent market share, and provides an important opportunity in one of Maple Leaf’s strategic-growth platforms. The U.S. market for plant-based proteins is valued at approximately US$600 million, with the refrigerated category representing more than US$110 million and delivering double-digit annual growth. Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf Foods.
“Expanding into the fast-growing alternative-proteins market is one of Maple Leaf’s strategic-growth platforms and advances our commitment to become a leader in sustainability,” says 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. We are committed to growing the business through investment in brand building, innovation and leveraging our respective capabilities.”