Maple Leaf Foods has reached a deal to buy proteins distributor Field Roast Grain Meat Co. The acquisition is part of the buyer's strategy to expand in the U.S. proteins and meats sector through M&A. Maple Leaf is paying $120 million for the target.
Seattle-based Field Roast, founded in 1997, is known for making packaged burgers and sausages, and various deli meats. The company also sells frozen wings and corn dogs. Field Roast has about $38 million in annual sales.
"The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins," says Maple Leaf CEO Michael McCain. Earlier in 2017, Maple Leaf paid $140 million for refrigerated plant-based protein maker Lightlife Foods.
Maple Leaf, located in Mississauga, Ontario, is one of Canada's largest meat producers. The company owns the Schneiders, Maple Leaf Prime and Mina brands.
Both strategic and priave equity buyers have been buying up meat-related companies in the middle-market. Hormel Foods Corp. (NYSE: HRL) has agreed to buy deli meats producer Columbus Manufacturing Inc. from Arbor Investments for $850 million; Premium Brands Holdings has acquired read to serve Philly cheesesteak maker Raybern Raybern Foods from TSG Consumer Partners; and Wynnchurch Capital made an investment in Stampede Meat.