Modern Meat closes acquisition of Kitskitchen Health Foods

Canadian plant-based meat manufacturer Modern Meat has concluded the acquisition of plant-based soup company Kitskitchen Health Foods.

Financial details of the deal have not been disclosed.

Modern Meat founder and CEO Tara Haddad said: “In a very short period of time, the Modern Meat team has made tremendous progress in growing and shaping its plant-based products portfolio through several strategic industry acquisitions.

“We are thrilled to finalise the acquisition of Kitskitchen and are confident that we will profitably expand this brand across Canada and internationally in the coming years.

“The combination of these two emerging companies will create a diversified vegan food company with a multi-channel sales and distribution network positioned for long-term sustainable growth.”

Last month, Modern Meat signed a letter of intent (LoI) to acquire Kitskitchen Health Foods.

Established in 2013, Kitskitchen’s plant-based soups are available at large grocery retailers, including Fresh Street Market and Whole Foods in British Columbia and Alberta.

With the completion of the deal, Kitskitchen will operate as a subsidiary of Modern Meat and continue the combined business of Kitskitchen and Modern Meat.

Co-founders Joni Lind and Amy Kaye will continue to lead the management team of Kitskitchen.

As part of the deal, Modern Meat will now own the distribution rights to the Kitskitchen brands.

The plant-based meat manufacturer also announced that it will be arranging a non-brokered private placement offering of up to ten million share purchase warrants for a price of 1% per Warrant for gross proceeds of up to $100,000.

Every transferrable Warrant will enable the holder to gain one common share of the company, exercisable at a price of $3.60 per Warrant and carries an expiry of three years from the date of issuance.