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Molinos Rio de la Plata, Argentina’s largest branded food company, has agreed to purchase 100% of Chilean plant-based food firm NotCo’s operations in Argentina and Uruguay. Financial terms of the transaction were not disclosed.
In a filing with the Argentina stock exchange, Buenos Aires-headquartered Molinos Río de la Plata stated that the addition of the NotCo assets represents “a clear opportunity to continue expanding the consumption occasions” it caters to. The company added that the deal provides “innovation credentials based on trends associated with a new generation of consumers”.
Part of the holding company Grupo Perez Companc, Molinos Rio de la Plata has a portfolio spanning packaged frozen foods, pasta, coffee and wine. Its brands include Matarazzo, Lucchetti, Gallo and Cocinero. The acquisition complements the company’s frozen food business and aligns with its strategy to diversify into new categories to win over younger consumers at a time when meat consumption is on the decline in Argentina.
Founded in 2015, NotCo utilises its proprietary artificial intelligence platform, Giuseppe, to analyse the molecular structure of animal proteins and replicate animal-based products. The company is accelerating its strategic shift to double down on its B2B tech licensing platform by divesting its consumer-facing business. In a LinkedIn post, NotCo stated that the transaction opens “a new stage” for the brand to enhance everything built in these markets.
The transaction remains subject to customary closing conditions and regulatory approvals.
Source: Just Food / Green Queen
