USA – PlantPlus Foods LLC, a joint venture between ADM and Brazilian meat processor Marfrig, is set to expand in North America following the acquisition of Drink Eat Well LLC and Sol Cuisine Ltd.
Drink Eat Well is based in the United States and is the manufacturer of the Hilary’s brand of plant-based products.
It also has a variety of allergy-friendly plant-based meat alternatives that are used in various applications including burgers and sausages.
Canadian-based Sol Cuisine Inc., is on the other hand, a processor of tofu as well as plant-based appetizers, burgers and prepared foods. The company operates two manufacturing facilities in Mississauga.
Reports indicate that the total purchase price for Sol Cuisine was approximately C$125 million ($99 million). Terms of the acquisition of Drink Eat Well were however not disclosed.
“This transaction represents fair value for shareholders and is the beginning of the next chapter of growth for the company,” said Dror Balshine, founder and president of Sol Cuisine.
“By partnering with PlantPlus Foods, Sol Cuisine gains additional tools to scale, including capital, access to best-in-class ingredient suppliers and technologies, and the backing of premier operations and leading food technologies.”
ADM’s new joint venture with Temasek
Meanwhile, ADM has signed an agreement with Asia Sustainable Foods Platform, a unit of Temasek, for the formation of a 50-50 joint venture in Singapore amid fast-growing demand for microbial-based alternative protein.
The JV will provide technology development and precision fermentation for companies serving the growing consumer demand for a wide variety of bio-based products, including alternative protein, in Singapore and the wider Asia-Pacific region.
“We’re proud to advance a proposed partnership with Temasek’s Asia Sustainable Foods Platform and the Singapore Economic Development Board to bring our unparalleled precision fermentation expertise to companies across APAC who are meeting the growing demand for alternative proteins,” said ADM Chairman and CEO Juan Luciano.
“ADM is a leader in microbial solutions, and from our recent investment in Acies Bio to our work with partners like Nature’s Fynd, Air Protein, and now Temasek, we’re finding new ways to power growth and offer exciting, innovative solutions to serve the nutritional needs of the world’s growing population.”
ADM said the proposed JV would be supported by the Singapore Economic Development Board in its mission to become a one-stop shop for both startups and mature businesses looking for support in food-grade fermentation, downstream processing, lab services and consulting.
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