The Vegan Food Group (VFG) has announced its acquisition of German tofu manufacturer TOFUTOWN, the deal elevating VFG into one of Europe's leading plant-based food manufacturers.
The acquisition of TOFUTOWN, with an annual revenue of €60 million, is a key milestone for VFG, expanding its already impressive stable of brands that includes Meatless Farm, VFC®, and Clive's Purely Plants. This move not only strengthens VFG's position in the EU plant-based srctor but also adds TOFUTOWN to family of solid plant-based brands.
Source: VFG
This move is expected to steer the combined entity towards profitability in 2024 and set the stage for scaling revenues beyond the €100 million mark.
TOFUTOWN, known for its 100% natural, organic tofu and meat alternatives, has been a staple in the European Union's plant-based diet for over four decades. The company's extensive manufacturing capabilities, especially at its Lüneburg site—one of the largest plant-based factories in Europe—underscore its pivotal role in the supply chain of major retailers like Aldi and Lidl.
Source: Tofutown
Dave Sparrow, CEO of Vegan Food Group, says the acquisition is strategic. "VFG will now be a major player in plant-based food, with a significant manufacturing scale across three sites, employing over 300 staff, and with a strong network of strategic manufacturing and supply chain partners," says Dave Sparrow.
The sentiment was echoed by Markus Kerres, CEO of TOFUTOWN, who days the alignment with VFG is a continuation of the company's founding vision. "Joining the Vegan Food Group is an exciting opportunity for TOFUTOWN to successfully continue Founder, Bernd Drosihn's vision over the coming decades," says Markus Kerry's.
The acquisition is not just a business expansion but a strategic consolidation in the rapidly evolving plant-based food sector.
Matthew Glover, co-founder of VFC and Veganuary, added, "Consolidation is required in the plant-based space, and with early signs of a rebound, the Vegan Food Group is well positioned to capitalise on market conditions and supercharge growth in the UK and Europe."
Source: VFG - Co-founder Matthew Glover
This merger will without doubt enhance VFG's footprint across the UK and EU, leveraging a broad spectrum of chilled, frozen, and ambient products.
With the deal awaiting final institutional authorisation, the plant-based food industry is keenly watching this development, anticipating a significant impact on the market's future dynamics.
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