CSE-listed company establishes agreement to purchase European foodtech business Monday Swiss as it sets its sights on superior texture and production options
Canadian plant-based foodtech company Zoglo’s Incredible Food Corp has signed a non-binding letter of intent to acquire a 50.5% stake in European plant-based business Monday Swiss UK for up to €5.1 million.
Zoglo’s will invest an additional €750,000 upon closing the acquisition to satisfy debts owed by Monday Swiss, and provide a €1 million loan to fund the production of its Veggie Day product suite.
“The proposed acquisition of Monday Swiss represents the beginning of Zoglo’s commitment to sustainable global expansion and leading plant-based food innovation” Anthony Morello, CEO of Zoglo’s, said.
“This acquisition creates a strong business for Zoglo’s in Europe and the UK in conjunction with its current evolving business in Canada and existing US business,” Morello added.
Monday Swiss’ technology will provide Zoglo’s with a new generation of meat analogues and will enable it to bring Monday Swiss’ patented meat-alternative product texture to North America.
On completion of the deal, Monday Swiss founder Alon Cahn will join the larger group as CEO for its European Operations.
Cahn brings with him experience from a number of major food and beverage brands like Nestle and Wrigley’s.
Cahn said: “With a production capacity of over 500,000 kilograms per month, and the ability to double our capacity by 2023, I believe Zoglo’s is poised to become one of the leading plant-based meat alternative companies globally.”
The agreement is expected to go ahead on 27 August.
Zoglo’s currently offers 14 products including plant-based appetisers and meat substitutes. It distributes to 700 retailers in Canada, with some smaller representation in the US and Europe.
The company went public on the Canadian Securities Exchange earlier in the year.
Date published: 4 August 2021