Canadian plant-based meat producer to pay $450,000 in cash for trademarks and distribution rights to the Sun and Sunsations snack brands
Modern Meat has acquired two snack brands from JDW Distributors. The transaction gives the Canadian plant-based meat producer ownership of trademarks and distribution rights to the vegan snack brands Sun and Sunsations, currently distributed across 7,000 retail stores across the US and Canada.
Headquartered in Vancouver, British Columbia, Modern Meat offers a portfolio of plant-based meat products through formulations that are free of soy, gluten, nuts and GMO’s.
The company said this transaction completes the first step in its planned US expansion and that acquiring these brands from JDW will introduce a robust sales and distribution network.
“We are pleased to be closing the acquisition of JDW Distributors LLC and onboarding their amazing brands and staff,” said Tara Haddad, chief executive of Modern Meat.
Haddad said this acquisition gives the company a new foothold in the US market, which Modern Meat will use to grow across the country. “We are extremely excited about the upcoming growth soon to come from our company. These are soon to be very exciting times.”
JDW has been focused on selling healthy, gourmet foods for 16 years. The company began with its own line of vegan brands, including the Sun Popped Potato Crisps and Sunflower Chips and Sunsations Fruit Jellies, which entered the market three years ago.
The company said that its focus on health and quality ingredients aligns with the philosophy of Modern Meat.
Snacks from the Sun Popped Potato Crisps range are light and airy crisps made from all-natural potatoes, whole grains and seasonings, then popped. The chips are vegan and free of gluten, cholesterol, and saturated fat.
These vegan snacks come in four different flavours: sour cream and onion, sea salt & cracked pepper, barbecue, and original sea salt.
The brand launched in 2019 and now sells in over 5,000 stores throughout the US and Canada at food and non-food retailers.
Sunsations is a line of fruity vegan candies that are kosher and made free of gluten, fat and peanuts. The range comes in six different flavours: Blueberry, Grape, Orange, Apple, Lemon, and Cherry.
These individually wrapped treats are all-natural and made of soft pectin, a vegan alternative to gelatin.
Sunsations is available in over 2,500 stores across the US and Canada. It also offers a private label product that is currently selling across North America.
Modern Meat will continue to work JDW and its team, including food scientists, to support manufacturing, distribution and future R&D developments.
The total purchase price for this acquisition is $450,000 payable in cash. Half of it was paid on closing, and $225,000 will be paid based on the achievement of staged revenue targets during the 12 months after closing.
The acquisition of the snacks brands from JDW comes two weeks after Modern Meat’s acquisition of two retail locations in Vancouver from Victoria’s Health & Organic Bar.
Date published: 17 November 2020