Pinnacle Foods Inc. is to enter the plant protein market with the acquisition of the Canadian firm Gardein Protein International.
Garden is a manufacturer of a broad range of frozen substitutes for traditional animal-based protein formats, such as chicken strips and tenders, ground beef and fish fillets.
The acquisition, which includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees, has a purchase price of CAD$175 million ($153.8 million).
Commenting on the announcement, Pinnacle Foods Chief Executive Officer Bob Gamgort stated: “The acquisition of Gardein is a key enabler to continue building Birds Eye into the leading health and wellness brand focused on helping Americans eat more vegetables. By bringing Gardein under the Birds Eye umbrella, we will accelerate growth through expanded distribution, marketing and innovation”.
“We are proud of the business we built, and are very excited about partnering with Birds Eye and Pinnacle to realize Gardein’s full potential”, said Yves Potvin, founder and president of Gardein. “We look forward to working with Birds Eye to expand the reach of great-tasting, plant-based protein products for consumers”.
Source: Pinnacle Foods