CHICAGO – PlantPlus Foods LLC, a joint venture between ADM and Brazilian meat processor Marfrig, is acquiring Drink Eat Well LLC, Lawrence, Kan., the manufacturer of the Hilary’s brand of plant-based products, and Sol Cuisine Ltd., Mississauga, Ont., a processor of plant-based protein products. Terms of the acquisition of Drink Eat Well were not disclosed. The total purchase price for Sol Cuisine was approximately C$125 million ($99 million).
Drink Eat Well LLC manufactures a variety of allergy-friendly plant-based meat alternatives. Applications include burgers and sausages.
Sol Cuisine Inc., Mississauga, Ont., is a processor of tofu as well as plant-based appetizers, burgers and prepared foods. The company operates two manufacturing facilities in Mississauga.
“This transaction represents fair value for shareholders and is the beginning of the next chapter of growth for the company,” said Dror Balshine, founder and president of Sol Cuisine. “By partnering with PlantPlus Foods, Sol Cuisine gains additional tools to scale, including capital, access to best-in-class ingredient suppliers and technologies, and the backing of premier operations and leading food technologies.”
The acquisition of Sol Cuisine is expected to close in early 2022.