v2food Acquires Soulara and MACROS to Expand Portfolio in Plant-Based Sector

Australian plant-based meat manufacturer v2food has recently acquired two ready meal brands, Soulara and MACROS, to enhance its product range. This strategic move aims to extend v2food's distribution capabilities, leveraging its direct-to-consumer Ecommerce platform and broadening its reach in the rapidly evolving plant-based food market.

Transaction Snapshot

  • Deal Value: Undisclosed
  • Deal Type: Acquisition
  • Acquirer: v2food

v2food, established in 2019, specialises in producing meat alternatives such as burgers, mince, sausages, and schnitzels using soy protein. The acquisition of Soulara, a provider of almost 40 varieties of ready meals, marks v2food's foray into whole-food plant-based options. This complements v2food's existing ready-to-eat line, launched in 2022, catering to diverse consumer preferences.

Sean Bone, Commercial Manager at Soulara, highlighted the company's commitment to delivering high-quality, nutritious, and value-packed meals, crafted by their team of chefs and dieticians. The deal involves the merging of Soulara and MACROS under a new entity named Flexitarian Meal Solutions, projected to sell between 50,000 and 100,000 meals weekly.

The spokesperson from v2food, while not disclosing financial details, mentioned the potential inclusion of more plant-based protein solutions in MACROS' range. This aligns with the growing trend of flexitarian diets in Australia.

Soulara, initially founded as Freshara in 2017, prides itself on being Australia's first plant-based ready meal subscription service. Their product range includes high-protein and calorie-controlled meals, along with veggie-forward and seitan-centric options. v2food CEO Tim York emphasised the synergy between v2food's plant-based ingredients expertise and Soulara’s vegetable-focused approach, aiming to simplify and enhance the plant-based eating experience.

v2food also introduced RepliHue at SXSW Sydney, a novel colour system for plant-based meat that mimics the colour change of traditional meat during cooking. This innovation, derived from red algae and other plants, contributes to the improved taste and texture of alternative meat products.

The acquisition reflects a broader trend in the plant-based industry, with increasing merger and acquisition (M&A) activity globally. Companies like All G Foods, Oddlygood, Superlatus, and others have recently made significant moves in this sector, indicating a consolidation trend and growing consumer trust in plant-based brands.

Simon Eassom, Executive Director of Food Frontier, noted v2food's unique approach in the global plant-based sector, highlighting its diverse channel strategy and potential for further expansion in the ready meal and service sector. With significant funding and partnerships, such as with Burger King for its Rebel Whopper, v2food continues to solidify its position in the plant-based food industry.

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