Pinnacle Foods expands into plant-based proteins with new acquisition

PINNACLE Foods Inc., a producer, marketer and distributor of high quality branded food products in New Jersey, US, will acquire Garden Protein International Inc., the manufacturer of the plant-based protein brand gardein?, from founder and president, Yves Potvin and strategic equity firm, TSG Consumer Partners LLC.

An innovator in the plant-based protein segment in Canada, Gardein offers dairy- and meat-free frozen products as options to traditional animal-based protein formats. These include chicken strips and tenders, ground beef and fish fillets.

“We believe that plant-based protein is at the tipping point of becoming mainstream, making Gardein an exciting new growth platform for the Birds Eye business.  We congratulate Yves and the Gardein team for pioneering new territory in food and look forward to welcoming them to Pinnacle," said Pinnacle Foods CEO Bob Gamgort.

Gardein is expected to generate net sales approximating CAD$65 million in 2014.  The acquisition, which includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees, is expected to be completed later today.  The purchase price of CAD$175 million will be funded with available liquidity.      

Pinnacle said it would invest significantly behind Gardein in 2015 to continue to expand the brand and leverage the complementary positioning of Gardein and Birds Eye in the marketplace. Entrainement Nike