Vegan Food Group (VFG) is set to acquire a major German tofu manufacturer with €60m revenue.
The acquisition of TOFUTOWN will make VFG one of Europe’s largest plant-based manufacturers.
Heritage brand TOFUTOWN was established more than 40 years ago by Bernd Drosihn. It supplies retailers including Aldi, Lidl, DM, and Edeka and has the manufacturing capacity to offer more product lines.
In Germany, it is a significant supplier of tofu, spreads and meat alternatives that are 100 per cent natural and organic.
Other brands under the group include Meatless Farm, VFC, and Clive’s.
According to a statement from the group, this ‘positions the combined entity for profitability in 2024, with a clear line of sight for scaling group revenues beyond €100m’.
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Vegan Food Group
In a statement sent to Vegan Food and Living, Dave Sparrow, CEO of the VFG, said: “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.
“This acquisition allows VFG to fast-track our growth across the UK and the EU in chilled, frozen, and ambient products, in both branded and own label retail, as well as foodservice.”
Originally founded as VFC Foods Ltd, in December 2020 by chef Adam Lyons and Veganuary founder Matthew Glover, the company has developed into The Vegan Food Group Ltd.
The new holding company which acquired Meatless Farm and Clive’s Purely Plants in 2023 ‘already boasts a range of 80 SKUs in the UK and EU across 21,000 distribution points’.
VFG anticipates speedy growth after the acquisition of established brand TOFUTOWN. Photo © The Vegan Food Group
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‘Exciting opportunity’
Markus Kerres, CEO of TOFUTOWN GmbH, added: “Joining the Vegan Food Group is an exciting opportunity for TOFUTOWN to successfully continue Bernd’s vision over the coming decades.
“With Germany and the UK being the two biggest markets for plant-based foods, we’re well-positioned to thrive over the next decade.”
Meanwhile, Matthew Glover, co-founder of VFC, Veg Capital and Veganuary, said: “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.”
The statement added that this is ‘just the start of VFG’s acquisition strategy, with more exciting M&A news on the horizon’.
Want to look like a tofu pro? Create amazing dishes with these easy vegan tofu recipes
Featured image © The Vegan Food Group
