Raisio to acquire plant-based food manufacturer Verso Food

Finnish food company Raisio signed an agreement with Kavli to acquire plant-based food producer Verso Food.

According to the agreement, Raisio will acquire the entire share capital of Verso Food for a cash consideration of $8.2m (€7m) and with one million shares of Raisio’s V-shares, currently owned by Raisio.

The consideration paid through shares will be implemented as a directed share issue.

Raisio noted that the deal does not require approval from the competition authorities.

Raisio president and CEO Pekka Kuusniemi said: “The acquisition we are announcing is an excellent fit for Raisio’s strategy. One of our key strategic targets is growth built on plant-based value-added products.

“With Verso Food, we will achieve leadership in the rapidly growing plant-based protein market in Finland.

“Through the acquisition, we will also gain production technology that complements our strategic capabilities as well as product development and marketing expertise. I would like to warmly welcome our new colleagues to the Raisio family.”

Established in 2010, Verso Food is engaged in the production of meat-alternative products using fava beans, which are retailed in the market under the Beanit and Härkis brands.

It operates a manufacturing facility in Kauhava, west Finland.

The company currently employs 30 food industry professionals, who will be absorbed by Raisio Group upon the completion of the deal.

Verso Food’s expertise in plant-based food is also expected to support the key growth targets of Raisio Group.

Verso Food CEO Tomi Järvenpää said: “Like Raisio, Verso Food targets growth in the international market. In recent years, we have invested heavily into expanding the success story of plant protein-based foods to international markets, as well.

“By joining forces with Raisio, we are significantly stronger and better positioned to accelerate our international expansion. Together, we are more than the sum of parts.”