Germany: Vegan Food Group announces acquisition of Tofutown

Vegan Food Group (previously known as VFC Foods) has announced that it has entered into an agreement to acquire Tofutown, a German-based manufacturer of plant-based foods with annual revenues of €60 million ($64 million).

Founded in 1989, Tofutown is described as a large-scale supplier of natural, organic tofu, spreads and meat alternatives in the EU. It has two manufacturing sites, including one Luneburg in Lower Saxony that is described as one of Europe’s largest plant-based manufacturing facilities.

In a statement, Vegan Food Group noted the combined entity was set to expand group revenues beyond €100 million ($107 million).

Commenting on the acquisition, Vegan Food Group CEO Dave Sparrow said: “VFG will now be a major player in plant-based food, with a significant manufacturing scale across three sites, employing over 300 staff, and with a strong network of strategic manufacturing and supply chain partners”.

“This acquisition allows VFG to fast-track our growth across the UK and the EU in chilled, frozen, and ambient products, in both branded and own label retail, as well as foodservice”, he added.

Tofutown CEO Markus Kerres said: “Joining the Vegan Food Group is an exciting opportunity for TOFUTOWN to successfully continue Bernd’s [founder Bernd Drosihn] vision over the coming decades. With Germany and the UK being the two biggest markets for plant-based foods, we’re well-positioned to thrive over the next decade”.

Source: Vegconomist / The Plant Base