Vancouver plant-based foods company Vega acquired for $550M

Vega, a pioneer and leader in plant-based nutrition products, has been acquired by WhiteWave Foods Company for approximately US$550 million in cash.

Founded in Vancouver in 2004, Vega has been offering a broad range of market-leading plant-based nutrition products – primarily powdered shakes and snack bars – that have nutrient-dense, superfood ingredients.

The plant-based industry has quickly gone from trend to lifestyle choice and has become an over $8.6 billion industry, made up of nutritional powders, bars and ready-to-drink beverages.

Over the past 12 months, Vega generated net sales of approximately US$100 million, a growth of over 30 per cent on a constant currency basis.

“As a pioneer in the plant-based movement, we’ve introduced Vega to a core loyal fan base and we are confident that WhiteWave will provide us with the expertise and resources to further realize our vision of empowering the world to thrive through clean, plant-based nutrition,” Charles Chang, President and Founder of Vega, said in a statement.

Following the close of the sale, expected in the third quarter of 2015, Vega’s headquarters will remain in Vancouver and its senior management team will continue to lead the business.

“Vega’s plant-based nutrition products complement our plant-based foods and beverages portfolio,” Gregg Engles, WhiteWave Chairman and CEO, said in a statement. “With its strong brand, high-quality products and commitment to innovation and sustainability, Vega is a perfect fit for WhiteWave.”

A leader in consumer packaged food and beverages, WhiteWave manufactures, markets, distributes and sells branded plant-based foods and beverages, coffee creamers and beverages, premium dairy products and organic produce throughout North America and Europe. They are focused on providing consumers with innovative, great-tasting food and beverage choices that meet increasing desires for nutritious, flavourful, convenient and responsibly-produced products.