The Israeli 3D-printed food company will pay €15 million for the Belgian company, which produces animal fats from cells
3D-printed food company Meat-Tech has signed an agreement to acquire 100% of the share capital of Peace of Meat, a pioneering Belgian producer of animal fat products from cells. The Israeli company will pay €15 million in a combination of cash and Meat-Tech ordinary shares. The company announced its intention to acquire the Belgian ingredients supplier in September.
Meat-Tech is developing an industrial process for cultivating and producing real meat using 3D bioprinting technology. The acquisition seeks to expedite market entry by leveraging Peace of Meat’s technologies.
David Brandes and Dirk von Heinrichshorst, co-founders of Peace of Meat, said: “In an industry that is working towards a kinder, more sustainable planet, joining forces makes us stronger together.”
Brandes and von Heinrichshorst argued that Peace of Meat has developed a powerful system for upscaled cultured biomass production. “Together with Meat-Tech, we intend to accelerate product development toward commercialisation.”
Animal fat from cells
Peace of Meat uses a proprietary stem-cell-based bioreactor technology for cultivating animal fats from chicken and ducks, without harming animals.
It has conducted several taste tests, demonstrating the potential that its cultured fat has to enhance the taste of plant-based protein products.
“While Peace of Meat’s core activity remains focused on the production of tasty, cultured fat as a business-to-business ingredient for meat alternatives, we see tremendous opportunity in jointly building a leading foodtech enterprise with Meat-Tech, based on a cellular platform,” said Brandes and von Heinrichshorst.
It was agreed that Peace of Meat’s management will continue in place to lead the development process.
Meat-Tech estimates that the first hybrid products based on Peace of Meat technology could hit the market as early as 2022. The product will be produced by combining plant-based protein with cultured animal fat. This blend is designed to provide meat analogues with qualities of “meatiness” (taste and texture) closer to that of conventional meat products.
Pursuant to the acquisition agreement, Meat-Tech will pay half of the consideration immediately, with the payment of the balance subject to Peace of Meat complying with preset technological milestones over a period of two years, including scale-up cultured fat production capabilities in preparation for market entry.
This acquisition is consistent with Meat-Tech’s growth strategy, aiming to streamline development processes and expand the company’s product range to penetrate cultured meat technology markets as quickly as possible.
Meat-Tech is working to create synergy and added value for food manufacturers in the advanced production of cultured meat while sustaining animal welfare and meeting the growing global demand for meat.
Sharon Fima, Meat-Tech chief executive, said the company’s novel technology for producing meat using 3D printing is gaining increasing international recognition. “Boosted by our acquisition strategy, we believe we can turn Meat-Tech into a leading global centre and home for home and groundbreaking cell-based food solutions that are both healthy and environmentally friendly.”
Date published: 8 December 2020