Business
Maple Leaf Foods to Acquire Lightlife Foods
Maple Leaf Foods to Acquire Lightlife Foods Canada NewsWire MISSISSAUGA, ON, Feb...
About this update from Maple Leaf Foods Inc.
[{"type":"text","content":"\n\n\n\nMaple Leaf Foods to Acquire Lightlife Foods\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Feb. 21, 2017\n\n\n\nEstablishes Maple Leaf as a Leader in the U.S. Plant-Based Proteins Market\n\n\n\nMISSISSAUGA, ON, Feb. 21, 2017 /CNW/ - Maple Leaf Foods (MFI: TSX) today announced that it has signed a definitive agreement with Brynwood Partners VI L.P. to acquire Lightlife Foods, Inc., a leading manufacturer and brand of refrigerated plant-based protein foods in the United States, for US$140 million, and related costs. The transaction will be financed from cash on hand. Based on current operating results, the acquisition is expected to be accretive to Maple Leaf's earnings in 2017. The deal will close in March, subject to customary U.S. regulatory review.  \n\n\"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,\" said Michael McCain, President and CEO. \"Consumers are increasingly looking to diversify their protein consumption, including plant-based options. The acquisition of Lightlife provides Maple Leaf with a leading market position and brand in the United States in a category that is outpacing growth in the broader packaged foods sector. We will expand our presence through investment in brand building, innovation and leveraging our respective capabilities.\"\n\nLightlife reported 2016 sales of approximately US$40 million and has 38% market share in the U.S. refrigerated plant proteins market. The company employs approximately 100 people at its facility in Turners Falls, Massachusetts, where it manufactures more than 30 innovative products, including plant-based tempeh, hot dogs, breakfast foods and burgers. Lightlife management will continue to lead the business, which will operate as a subsidiary of Maple Leaf. \n\n\"We at Lightlife are truly excited about today's announcement which will allow us to accelerate our growth and broaden our reach in the fast growi...