The Tofoo Co. has been snapped up by German private equity firm Comitis Capital, as the Yorkshire plant-based food brand sets its sights on “an era of rapid expansion”.
Founded in 2016, The Tofoo Co. is a leading player in the UK’s alternative protein market, having bucked a wider trend of falling demand for meat alternatives in the UK.
While its core product remains tofu, where it commands a 60 per cent share of the UK market, the firm has also expanded into offering a range of other plant-based products, including tempeh and seitan.
Although precise terms of the acquisition deal announced yesterday have not been disclosed, Comitis Capital has reportedly acquired a significant majority stake in the firm, with the previous private Japanese investor exiting its stake, according to The Grocer.
In a statement, however, The Tofoo Co. founders David Knibbs and Lydia Smith said they would remain as investors in the business and “continue to steer the company’s growth in UK and international markets”.
Welcoming the deal, Smith described Comitis Capital as a “great fit” for the company’s next chapter. “The Tofoo Co has plans to grow further, both with existing and new customers and channels, and needed a strong and proactive partner to help that growth journey,” she said.
Meanwhile, Knibbs said the acquisition would allow the plant-based food company to “enter a new era of rapid expansion”, adding that Comitis Capital’s “deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co to the next level”.
Nikolaus Bethlen, managing partner at Comitis Capital said The Tofoo Co. was a “great addition” to the German private equity firm’s portfolio, noting the brand’s “strong holding in major retail” and contracts to supply meat alternatives to restaurant chains such as Wagamama.
“The Tofoo Co. has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality products,” he said. “David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth”.
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