TORONTO and NEW YORK, Dec. 8, 2021 /CNW/ — Sturdy Roots, a number one plant-based frozen meals firm and McCain Meals, the family-owned world chief in frozen potato specialties and appetizers, at this time introduced a strategic partnership, with McCain Meals investing $55 million USD in Sturdy Roots to take a minority stake within the enterprise. The partnership allows Sturdy Roots and McCain Meals to proceed assembly the rising shopper demand for wholesome and pure meals globally.
Sturdy Roots and McCain Meals will work collectively to leverage each corporations’ complementary strengths to proceed Sturdy Roots’ fast development and additional its mission to “repair the freezer aisle” and supply plant-based, environmentally accountable, constructive meals decisions, for everybody – globally and impactfully. Sturdy Roots will proceed to function in an impartial capability.
Sturdy Roots will use McCain Meals’ international presence to increase its personal footprint in current markets, together with GB, Eire, United States, and to enter new markets working with new retailers. The partnership may even enable Sturdy Roots to increase into the foodservice market via McCain Meals’ out-of-home community.
Partnering with Sturdy Roots, McCain Meals will acquire an expanded product portfolio that reaches out to the rising variety of shoppers searching for wholesome, pure and easy meals which are tasty and embody actual vegatables and fruits.
The partnership additionally bolsters McCain Meals’ dedication to planet-friendly meals. Sturdy Roots is targeted on creating merchandise which are sustainably farmed, shipped and offered, and was the primary Irish plant-based meals enterprise awarded a B Corp Certificates in 2020.
Samuel Dennigan, Sturdy Roots Founder and CEO, mentioned: “As meals producers, our position is to be higher, meals may be higher, and our obligation is to guide the betterment of elements, sourcing, packaging, course of and style, concurrently working with our companions to realize this.
“Working in partnership with McCain Meals signifies that we’re capable of develop our model and the values it stands for, whereas offering us at Sturdy Roots with the sources and capabilities we have to see change via globally and impactfully.”
Max Koeune, President & CEO of McCain Meals, mentioned: “Because the McCain household based McCain Meals in 1957, our entrepreneurial roots and passionate deal with creating the perfect tasting meals has led to us being on the centre of mealtimes for generations.
“That is why we’re so excited to be partnering with Sturdy Roots, an organization that not solely aligns with our progressive strategy to creating meals, but in addition helps us develop our portfolio of more healthy meals that meets altering shopper calls for in a sustainable method. We’re trying ahead to working with Samuel and the Sturdy Roots group to assist deliver a wholesome vary into extra properties the world over.”
Howard Snape, Regional President of McCain GB & Eire, mentioned: “As a family-run enterprise, we take a long-term strategy to every little thing we do, whether or not that is specializing in making our merchandise in a sustainable strategy to help the planet, or guaranteeing our meals continues to satisfy continually altering shopper wants.
“Sturdy Roots is an organization that not solely focuses strongly on sustainability however can also be doing unbelievable work to develop the vary of wholesome frozen meals accessible when shoppers are searching for it most.”
In the present day’s strategic partnership follows a number of years of fast development for Sturdy Roots since its inception in 2015. The meals producer’s vary of cauliflower hash browns, combined root vegetable fries, bites and burgers, grew to become a agency favorite of individuals in Eire, the UK and the US, searching for a handy plant-based possibility.
For McCain Meals, the announcement enhances a sequence of investments lately guaranteeing the main meals producer continues to satisfy the altering shopper tastes globally. Examples embody its funding in The Easy Root, a plant-based meals producer providing dairy various merchandise, SIMULATE, a plant-based rooster nugget various, and GoodLeaf Farms, an indoor vertical farming firm that grows nutritious, scrumptious and sustainable leafy greens.
In reference to the transaction, Goode Companions LLC, a New York-based shopper personal fairness fund, which led the Collection A funding in Sturdy Roots, is exiting the Board of Sturdy Roots and promoting its shareholding, marking a profitable exit for the buyers.
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Plant-based meals market
The expansion of plant-based meals is hovering; the market globally is expected to exceed $162 billion by 2030, a 451 p.c development from 2020. Within the U.S. alone the plant-based meals market is predicted to achieve $74.2 billion within the subsequent 5 years. U.S. retail gross sales had been up 27% in 2020 from the earlier yr, practically double the expansion price of the entire U.S. retail meals market. Tasty improvements within the sector imply the buyer can now mix their need for comfort with their well being and environmental consciousness.
About McCain Meals
McCain Meals (Canada) is the Canadian division of McCain Meals Restricted, a global chief within the frozen meals trade. McCain Meals is the world’s largest producer of frozen potato specialties, and likewise produces different high quality merchandise comparable to appetizers, greens and desserts that may be present in eating places and retail shops in additional than 160 international locations around the globe. In Canada, the corporate has eight manufacturing amenities with roughly 2,400 workers and, along with its well-known French fries and potato specialties, makes frozen desserts, snacks and appetizers.
About Sturdy Roots
Based in 2015, Sturdy Roots got down to repair the freezer aisle, by creating a variety of scrumptious plant-based choices, that had been sustainably farmed, shipped and offered. The model was based by Samuel Dennigan, with the imaginative and prescient that meals may be higher. The corporate provides wholesome, plant-based frozen meals merchandise, together with Cauliflower Hash Browns, Combined Root Vegetable Fries, Spinach Bites, and Kale & Quinoa Burgers. Its merchandise are offered in over 8,000 shops worldwide together with main retailers in Eire, the UK, and the U.S., in addition to Singapore, Iceland, United Arab Emirates, Bahrain, and Qatar.
SOURCE McCain
For additional info: CONTACTS: McCain World: James Kavanagh, 07753 138955; McCain Canada: Michelle Hann: 613-716-2118
