Plant-Based Meat Maker 'Before the Butcher' Acquired by Owners of Ground Beef CompanyThe company says the acquisition will allow the two-year-old startup to be able to compete in an increasingly competitive market.
As people eat more plant-based meats, with the global market expected to grow to more than$21 billionby 2025, competition is heating up.
Just in plant-based burgers alone, there's market leadersBeyond MeatandImpossible Foodsas well asLightlifeandMorningstar, with Nestle soon debuting itsAwesome Burgerunder itsSweet Earth Foodsbrand.
One company consumers may soon see more of isBefore the Butcher．The startup yesterday announced it had been acquired by private investors Gregg and Jeff Hamann, the owners of ground beef producerJensen Meat Company．Financial details were not disclosed. With the acquisition, Before the Butcher will have access to a $25 million line of credit, a 90,000-square-foot production space and cold storage warehousing facilities, according to a press release.
The two-year-old company, founded by Danny O'Malley, currently has 12 products, including plant-based beef, chicken and turkey burgers, "made from a proprietary combination of soy, coconut and canola oils and natural seasonings," according to the press release. The company's food can be found in 1,000 restaurants and 20 school districts, and it expects its retail footprint to grow to 3,000 stores by August.
“这次收购验证我们多元化的名单t strategy and also gives us both the financial resources and the production capacity to support our strong growth forecasts," O'Malley said in the press release. "It effectively turns us from a startup to a major player in the space."
The Hamann's acquisition of Before the Butcher also shows meat companies increasing interest in diversifying their businesses to include plant-based options. For example, Tyson, whichsold off its stakein Beyond Meat before its IPO, will reportedly introduce its own plant-based options.
