Wed, 08 Dec 2021 | BUSINESS SALE
McCain Foods has announced the £41.5 million acquisition of a minority stake in Irish plant-based food producer Strong Roots. The deal comes amid a concerted shift towards plant-based options among big food brands, part of a broader trend towards healthier eating.
This has prompted a strong period of deal making in the food sector, as firms look to acquisitions to bolster their portfolios, with McCain becoming the latest food giant to target the plant-based market. Founded in 2015, Strong Roots produces a range of plant-based products, including mixed root vegetable fries, vegetable hash browns, burgers and bites.
The acquisition will expand McCain’s portfolio of vegetable and plant-based frozen foods, enabling it to better meet growing customer demand for healthier and more environmentally-friendly food choices. McCain has committed to selling more “planet-friendly” food and M&A activity looks to form a key part of this.
Aside from taking a stake in Strong Roots, the company has also recently invested in dairy alternatives firm The Simple Root, indoor vertical farming business GoodLeaf Farms and alternative chicken nugget brand Simulate.
While Strong Roots will continue to trade independently, the deal will enable it to use McCain’s global position to expand its own presence in its existing markets (the UK, Ireland and US) and to expand into new markets. McCain’s investment will also allow the firm to move into the food service market, using McCain’s out-of-home network.
McCain Foods President and CEO Max Koeune said that Strong Roots is “a company that not only aligns with our innovative approach to creating food, but also helps us grow our portfolio of healthier food that meets changing consumer demands in a sustainable way.”
Strong Roots Founder and CEO Samuel Dennigan added: "Working in partnership with McCain Foods means that we are able to grow our brand and the values it stands for, while providing us at Strong Roots with the resources and capabilities we need to see change through globally and impactfully."
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