Above Food has finalized share purchase with Farmer Direct Organic Foods, in SK
Above Food Corp. has finalized a Share Purchase Agreement with Farmer Direct Organic Foods, a 100% certified organic specialty legume proteins and grains business, with facilities in Moose Jaw, Saskatchewan. FDO organic foods are currently distributed in over 2,000 retail locations; with the distribution, customer demand, and supply to increase distribution to 10,000 retail locations within a year.
Above Food has identified significant synergies for the two companies’ organic plant proteins and ancient grains supply, by marrying FDO’s comprehensive Regenerative Organic supply chain and product portfolio, with Above Food’s Certified Organic Terminal, which is the largest in Canada.
Regenerative Organic is a new measure for organically grown food and other ingredients in which the farms and products meet the highest standards in the world for soil health and sustainability.
This acquisition also complements Above Food’s consumer brand strategy via FDO’s seed-to-shelf, supply chain traceability across all 14 retail SKUs and 15 private label SKUs.
FDO was launched in August 2018 to provide organic, traceable, single-origin, family-farmed legumes, and kitchen staples for plant-based eating. By its second year-end (July 2020), FDO grew to have its products distributed in over 2,000 stores in North America, including chain-wide at Whole Foods Market, and with national distribution through KeHE and UNFI.
With its unprecedented organic supply chain transparency, a proprietary chain of custody, and track and trace system, FDO provides unparalleled food security from farm-to-fork. The brand and rigorous supply chain will form the foundation for Above Food’s organic consumer packaged goods (CPG) platform.
Jason Freeman, the Co-Founder and Chief Executive Officer of FDO, will continue to lead FDO, and will also become the Director of Organic Supply for Above Food.
“From the first conversation with the Above Food team, we had great philosophical alignment on the ethics and responsibilities of food producers and the role that truly sustainable and traceable practices can play in the plant-based protein supply chain. With Above Food’s pedigree in scaled production and advanced ingredient processing, the combination of our companies and cultures will be synergistic,” said Mr. Freeman.
This acquisition accelerates Above Food Brand’s product strategy and provides a portfolio of dozens of branded and private label products.
“FDO’s distribution and retail relationships add a completely new dimension to our portfolio approach for Above Food Brands, including the ability to deliver differentiated branded and private label solutions across many product segments, all with a Regenerative Organic foundation. I couldn’t be more excited to partner with Jason and his team” – added Martin Williams, President and Chief Innovation Officer of Above Food Brands.
In addition, it will bolster Above’s IP portfolio and talent roster, while also adding an additional established, sophisticated organic supply chain.
“Farmer Direct Organics and Above Food are built on very similar core values, visions and beliefs”, said Lionel Kambeitz, Executive Chairman and CEO of Above Food. “Both companies pride themselves on supplying quality foods and ingredients that are nutritious, traceable, and sustainable.”
About Above Food Corp. and its wholly-owned subsidiaries
Above Food’s wholly-owned subsidiaries, Above Food Brands Inc., and Purely Canada Foods Corp., are vertically integrated, high growth, seed-to-fork plant-based platforms that have well-established financial profiles stemming from strong business-to-business (B2B) relationships, selling food and ingredients to over 300 customers across 35 countries.
Above Food is truly disruptive, providing the ability to have custody over leading plant-based proteins, including lentils, chickpeas, fava beans, peas, and oats, from seed all the way through to the end consumer’s dinner plate, allows Above to create nutrient density and superior functional performance. This applies across its business-to-business, advanced ingredient, and business-to-consumer lines of business. Learn more: https://abovefood.com/