Maple Leaf Foods is buying Field Roast Grain Meat Co. for US$120 million, plus related costs.
Field Roast is a leading brand of premium grain-based “meat” and vegan cheese products, with sales of about $38 million.
“The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins,” said Michael McCain, president and chief executive officer, in a release.
Field Roast employs about 200 at its plant in Seattle, Washington.
It makes fresh and frozen grain-based roasts and loaves, sausages and frankfurters, burgers, deli slices and appetizers, and Chao brand vegan cheese slices and entrees.
The deal will be financed with cash-on-hand and existing credit .