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Vegan Food Group (VFG) will acquire German manufacturer TOFUTOWN as it embarks on the first steps of its European expansion.
The acquisition is the new group’s first major deal since pledging to become a “Vegan Unilever” last month.
By joining Meatless Farm, VFC, and Clive’s, TOFUTOWN will turn VFG into one of Europe’s largest plant-based manufacturers.
The vegan quartet now have a “clear line of sight for scaling group revenues beyond €100m,” according to the company.
TOFUTOWN adds another string to VFG’s bow
TOFUTOWN is a major supplier of natural, organic tofu, spreads, and meat alternatives in the EU.
Established over 40 years ago by Bernd Drosihn, the company supplies major retailers such as Aldi, Lidl, DM, and Edeka under the TOFUTOWN brand.
TOFUTOWN is headquartered in Wiesbaum (North Rhine-Westphalia) and has 55,000 sqm manufacturing space across two sites.
Acquisition “just the start” for VFG
With the new acquisition, profitability is “on the cards” for VFG in 2024, the company has said.
Adam Lyons and Matthew Glover founded VFC as a fried chicken brand in 2020. Last year, the company bought Meatless Farm and Clive’s Purely Plants. Glover previously told Plant Based News (PBN) that VFG’s goal is “removing animals from the food chain.”
The latest takeover is “just the start of VFG’s acquisition strategy,” according to the company.
