TSG Consumer Partners, a US private equity firm, has sold meat alternatives producer Gardein Protein International for $154 million. The buyer, Pinnacle Foods, is the New York-listed owner of Birds Eye, the consumer foods giant.
Gardein produces meat-free alternative products using soy and vegetable extracts.
Pinnacle’s acquisition of the firm is in line with its long-term strategy to benefit from emerging food trends. “We believe that plant-based protein is at the tipping point of becoming mainstream, making Gardein an exciting new growth platform for the Birds Eye business,” said Pinnacle Foods chief executive Bob Gamgort.
Other meat alternatives companies have held successful fundraising rounds this year. Beyond Meat, a US-based company, closed a Series D fundraise in August this year with venture capitalist firm Kleiner Perkins Cauldfield & Byers and Bill Gates investing in the round.
TSG Consumer Partners is a consumer products-focused private equity firm, targeting the food and beverage, beauty and apparel sectors among others. The firm has invested in Coca-Cola’s vitaminwater and Mexican foods producer Don Miguel.