Above Food corporate logo. Image credit: Facebook
Canada’s Above Food Corp. has struck another acquisition in the plant-based food arena with the purchase of Spain’s Brotalia.
Better known as Foody’s, Brotalia was set up in 2017 and manufactures plant-alternatives to chicken, seafood, burgers and meatballs.
Regina, Saskatchewan-based Above Food did not reveal the price it has paid for Brotalia, which was acquired from the mainly renewable-energy-focused Spanish business Grupo Empresarial Enhol.
Above Food, which operates as a plant-based food ingredients business but also offers finished meat, dairy and baby-food alternatives through its Above Food Brands subsidiary, described Brotalia as “leading advanced research in dry fermentation technologies”.
Brotalia employs “3D bioprinting technology” in the development of its products.
Lionel Kambeitz, the founder, president, CEO and executive chairman of Above Food, said in a statement: “Brotalia’s pioneering efforts in leveraging disruptive technologies to enhance the production of differentiated foods perfectly align with our quest to create a more sustainable and efficient food ecosystem globally.
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“Moreover, this acquisition bolsters our food technology capabilities, acting as an incubator for shepherding new food-tech solutions that support our broader business.”
Just Food has asked Brotalia for a comment on the transaction not provided in the Above Food statement.
Above Food, which is preparing for a public listing through a special purpose acquisition company (SPAC), has already expanded through M&A.
Last year, the company completed the purchase of the seafood-alternative business and owner of the Tuno brand, Natural Atlantic Foods, after making an initial investment in 2021.
That same year, Above Food snapped up two companies in the oats and plant-based dairy sectors with Only Oats and Culcherd. The following year it bought Northern Quinoa Production, or NorQuin.
Above Food Corp.’s brands include Eat Up, featuring whole grains, plant-based meatballs and mince, pizza dough balls, oat cheeses and baby food. Culcherd produces dairy-free cheeses and butter, and Only Oats is focused on drinks.
Above Food Corp. is lining up for a Nasdaq listing this year following a business combination with the SPAC company Bite Acquisition Corp. in April 2023. The deal has been approved by both sets of shareholders but has still to be rubber stamped.
Eat Beyond Global Holdings, an equity investor in the plant-based category located in Vancouver, put an undisclosed amount of capital into Above Food in 2021. At the time, Patrick Morris, the CEO of Eat Beyond, called Above Food “an established high-growth, vertically-integrated business that is focused on its proprietary seed-to-fork plant ingredients and plant protein”.
