Canada-based vegan company The Very Good Butchers (VGB) has announced plans to acquire The Cultured Nut Inc., an artisan, small-batch vegan cheese company in British Columbia. A non-binding letter of intent for the acquisition of all the shares of The Cultured Nut has been signed. The Cultured Nut offers product lines consisting of block-style cheeses, cream cheese, and plant-based butter and currently has distribution in several online and grocery retailers, including select Whole Foods Markets. VGB has also been selling the company’s products through its e-commerce and retail stores since 2017.
“The proposed acquisition of The Cultured Nut marks [VGB]’s first move into the dairy alternatives space and is the next natural step towards achieving our near-term objective of being a leader in the plant-based food technology industry. With a shared ethos of using only high-quality whole food ingredients, The Cultured Nut is a perfect addition to our existing and growing product portfolio,” Mitchell Scott, CEO of VGB, said. “We feel that by quickly integrating The Cultured Nut into our existing processes and distribution network, these synergies will allow us to scale their operations significantly and create a key, and entirely new revenue stream for our company.”
Building on its success
VGB launched in 2016 as a provider of vegan meats, and it quickly expanded its offerings to include plant-based burgers, hot dogs, pepperoni, bacon, and steaks through various Canadian retailers and its own butcher shop. Last year, VGB’s parent company, The Very Good Food Company Inc, began trading on the Canadian Securities Exchange under the ticker “VERY,” and within days its stock skyrocketed by 800 percent. By the end of 2020, the company reported a spike in sales of 582 percent—due to a 1,686-percent increase in orders year-over-year in November—compared to sales it recorded last year.