Canada’s Maple Leaf Foods today announced it has reached a definitive agreement to acquire Field Roast Grain Meat Co. for $120 million as it expands its portfolio in alternative meats.
Seattle-based Field Roast is a leading brand of premium grain-based ‘meat’ and vegan cheese products, with sales of approximately $38 million.
“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, in a news release. “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.”
Field Roast products are marketed across North America and include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers. The company was founded in 1997 and employs some 200 people at its 75,000-square-foot leased manufacturing facilities in Seattle.
Maple Leaf Foods expects to finance the transaction through a combination of cash-on-hand and drawings under the existing credit facility. The transaction is expected to close by the end of 2017 and be accretive to earnings.