Pinnacle Foods has agreed to acquire Garden Protein International, the Canadian producer of plant-based protein brand Gardein, for CAD$175m ($154m).
The acquisition includes a manufacturing facility in Vancouver, British Columbia, and nearly 250 employees.
Pinnacle said that it is planning to invest in Gardein in 2015 in order to continue to expand the brand and leverage the complementary positioning of Gardein and Birds Eye in the marketplace.
The company also expects to add Gardein to have a minimal, if any, positive impact on its earnings in 2015.
Pinnacle Foods CEO Bob Gamgort said: "The acquisition of Gardein is a key enabler to continue building Birds Eye into the leading health and wellness brand focused on helping Americans eat more vegetables. By bringing Gardein under the Birds Eye umbrella, we will accelerate growth through expanded distribution, marketing and innovation.
"We believe that plant-based protein is at the tipping point of becoming mainstream, making Gardein an exciting new growth platform for the Birds Eye business. We congratulate Yves and the Gardein team for pioneering new territory in food and look forward to welcoming them to Pinnacle."
Gardein is a plant-based protein segment which offers a range of frozen products that serve as alternatives for traditional animal-based protein formats, such as chicken strips and tenders, ground beef and fish fillets.
Image: Gardein offers alternatives for traditional animal-based protein formats, such as chicken strips and tenders, ground beef and fish fillets. Photo: courtesy of franky242 / FreeDigitalPhotos.net.
