01.04.15
Pinnacle Foods Inc. has entered into a definitive agreement to acquire Canada-based Garden Protein International Inc., the rapidly growing manufacturer of the plant-based protein brand Gardein, from founder and president Yves Potvin and TSG Consumer Partners LLC, a leading strategic equity firm.
Gardein is an innovator in the fast growing plant-based protein segment with a line of frozen products that serve as alternatives for traditional animal-based protein formats.
“The acquisition of Gardein is a key enabler to continue building Birds Eye into the leading health and wellness brand focused on helping Americans eat more vegetables,” said Pinnacle Foods CEO Bob Gamgort. “By bringing Gardein under the Birds Eye umbrella, we will accelerate growth through expanded distribution, marketing and innovation. 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.”
Gardein is expected to generate net sales of approximating CAD $65 million in 2014. The acquisition includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees. The purchase price of CAD $175 million will be funded with available liquidity.
Gardein is an innovator in the fast growing plant-based protein segment with a line of frozen products that serve as alternatives for traditional animal-based protein formats.
“The acquisition of Gardein is a key enabler to continue building Birds Eye into the leading health and wellness brand focused on helping Americans eat more vegetables,” said Pinnacle Foods CEO Bob Gamgort. “By bringing Gardein under the Birds Eye umbrella, we will accelerate growth through expanded distribution, marketing and innovation. 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.”
Gardein is expected to generate net sales of approximating CAD $65 million in 2014. The acquisition includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees. The purchase price of CAD $175 million will be funded with available liquidity.
