Bacon Brand Buys Plant-Based Meat Company

Canadian meat company Maple Leaf Foods recently acquired plant-based brand Lightlife Foods, Inc. from its parent company Brynwood Partners VI L.P., for $140 million. Lightlife produces meatless products such as tempeh bacon, hot dogs, and burgers, while Maple Leaf is a leading producer of meat products such as packaged bacon and canned flakes of ham. “Expanding into the fast growing plant-based proteins market is one of Maple Leaf’s strategic growth platforms and supports our commitment to become a leader in sustainability,” Maple Leaf’s CEO Michael McCain said. “Consumers are increasingly looking to diversify their protein consumption, including plant-based options.” McCain said the plant-based acquisition will help his brand grow within the United States by tapping into “a category that is outpacing growth in the broader packaged foods sector.” Last year, meat giant Tyson made a similar foray into the plant-based sector with its five percent stake investment into vegan company Beyond Meat.