TORONTO — Maple Leaf Foods Inc. says it's acquiring Seattle-based Field Roast Grain Meat Co. for US$120 million in a bid to further strengthen its position in the alternative proteins market.
CEO Michael McCain says the deal aligns with the Toronto-based packaged meats company's vision to be a leader in sustainable protein.
Field Roast has products marketed across North America that include fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, and Chao brand vegan cheese slices and entrees.
The American company, which was founded in 1997, has sales of approximately US$38 million and employs approximately 200 people.
Maple Leaf (TSX:MFI) says it expects to finance the purchase, plus related costs, through a combination of cash-on-hand and drawings under its existing credit facility.
The deal is expected to close by the end of the year, subject to customary regulatory review and transaction conditions.
Earlier this year in February, Maple Leaf bought U.S. company Lightlife Foods, another maker of plant-based protein foods, for US$140 million plus related costs.