Modern Meat (MEAT.C) signed a letter of intent to acquire plant-based soup company, Kitskitchen Health Foods, today, according to a press release.
Doing business since 2013, Kitskitchen sports all-female leadership and a commitment to natural, locally sourced, sustainable pea soup, which has led helped them build and cultivate a loyal, engaged consumer base. The estimated revenue bump for the company in 2021 is $950,000.
“The acquisition unites us with a well-established brand with an attractive growth profile. Kitskitchen product and management aligns with Modern Meat’s philosophy of the fast-growing plant-based space. We feel the ready-to-eat category in the plant-based space is under explored. By acquiring a well-recognized local brand and putting our financial resources behind it, I feel we can grow the sales of Kitskitchen significantly,” said Tara Haddad, CEO of Modern Meat.
MEAT will get access to the distribution rights to the Kitskitchen brands, and intends to work with its team. The purchase price for the acquisition is 300,000 shares and a finder’s fee of 9,000 shares. Kitskitchen’s products are available in 135 grocery retailers throughout British Columbia and Alberta, including big names such as Fresh Street Market and Whole Foods.
Modern Meat is a Canadian food company operating out of Vancouver, British Columbia dealing primarily in plant-based meat products. Their deal is in offering consumers tasty, nutritious and sustainable meat alternatives, involving ingredients free of soy, gluten, nuts and genetic modification.
Modern Meat is up $0.06 today, and is now trading at $3.52.