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Above Food Strengthens its Pet Food Ingredient Platform with Recent Montana-Based Asset Acquisition
Above Food Strengthens its Pet Food Ingredient Platform with Recent Montana-Based Asset Acquisition
Acquisition expands Above Food's pet food business to approximately US$110M of combined company revenues on a proforma basis
Strengthens customer base, further bolstering Above Food's current roster of global leading pet food manufacturing customers
Positions Above Food to capitalize on the US$26 billion global plant-based pet food market, projected to grow at a 9% compound annual growth rate ("CAGR") through 2032
Acquisition expands Above Food's pet food business to approximately US$110M of combined company revenues on a proforma basis
Strengthens customer base, further bolstering Above Food's current roster of global leading pet food manufacturing customers
Positions Above Food to capitalize on the US$26 billion global plant-based pet food market, projected to grow at a 9% compound annual growth rate ("CAGR") through 2032
REGINA, Saskatchewan, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Above Food Ingredients Inc. (Nasdaq: ABVE, ABVEW) ("Above Food" or the "Company"), an innovative food company leveraging its vertically integrated supply chain to deliver differentiated ingredients and consumer products, today announced additional details related to its expanded pet food ingredients business in connection with its recent acquisition of the specialty crop food ingredient division (the "Assets") of Montana-based The Redwood Group, LLC ("TRG"). This strategic acquisition significantly enhances Above Food's presence in the rapidly growing plant-based pet food market, positioning the Company to capitalize on emerging trends and meet increasing consumer demand for high-quality, plant-based pet nutrition.
"This acquisition significantly enhances our position in the rapidly growing plant-based pet food market, expanding our total pet food business to approximately US$110M, or 25% of our combined revenues on a proforma basis", said Lionel Kambeitz, Founder, President, Chief Executive Officer and Executive Chairman of Above Food. "Furthermore, our seed-to-fork platform uniquely positions us to serve the evolving needs of the plant-based pet food industry, previously demonstrated by delivering a 13% organic CAGR in our legacy pet food business since 2022. By controlling every step from seed selection and farming to ingredient processing and formulation, we offer unparalleled traceability, quality control, and customization capabilities. This vertical integration allows us to develop innovative, nutritious plant-based ingredients specifically tailored for pet food applications, meeting the growing demand for high-quality, sustainable pet nutrition solutions. As pet parents increasingly seek transparent, plant-based options for their pet companions, Above Food's comprehensive approach enables us to be an invaluable partner to leading global pet food manufacturers. We can rapidly respond to market trends, ensure consistent supply of premium ingredients, and support our partners in developing differentiated products."
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