Maple Leaf Foods announced that it has reached a definitive agreement to acquire Field Roast Grain Meat Co. for USD$120 million, plus related costs. The company expects to finance the transaction through a combination of cash-on-hand and drawings under the existing credit facility. Field Roast is a leading brand of premium grain-based 'meat' and vegan cheese products, with sales of approximately USD$38 million. Subject to customary regulatory review and transaction conditions, the transaction is expected to close by the end of 2017 and be accretive to earnings.
"The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins," said Michael McCain, President and CEO. "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."