Maple Leaf Foods (Mississauga, Ont.) has signed a definitive agreement to acquire the plant-based protein brand Lightlife Foods (Turner Falls, Mass.) from Brynwood Partners VI L.P. for $140 million.
Lightlife Foods, which manufactures plant-based tempeh, hot dogs, breakfast foods, and burgers, reported approximately $40 million in sales in 2016 and 38% market share in the U.S. refrigerated plant-based protein foods category, according to Maple Leaf. Michael McCain, president and CEO of Maple Leaf, said: “Expanding into the fast growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability.” Brynwood Partners acquired Lightlife in 2013 from ConAgra Foods, which purchased the brand in 2000 at which time it was reportedly generating about $25 million in annual revenue. Lightlife was founded in 1979. Maple Leaf Foods is a consumer packaged meats company that trades on the Toronto Stock Exchange and employs approximately 11,000 people across Canada; its brands include Maple Leaf, Schneiders, Swift, Larsen, Parma and Greenfield Natural Meat Company. Maple Leaf Foods reported sales of C$3.3 billion in 2016. Maple Leaf’s strategic framework includes advancing nutrition and health, treating animals well, and eliminating waste.