Maple Leaf Foods Inc. announced Jan. 30 the closing of its acquisition of Field Roast Grain Meat Co., a leading manufacturer and brand of premium grain-based "meat" and vegan cheese products, for $120 million plus related costs.

According to the company, Field Roast has established a leadership position and considerable brand equity in the rapidly growing premium segment of plant-based protein.

“This acquisition advances Maple Leaf's vision to be the most sustainable protein company on Earth, including a core strategy to diversify into plant-based protein. With the acquisition of Field Roast, along with Lightlife Foods acquired in early 2017, Maple Leaf is now positioned as a leader in the U.S. retail market for plant-based proteins,” the company said.

The transaction was financed from a combination of cash on hand and drawings under the existing credit facility.  Based on current operating results, the acquisition is expected to be accretive to Maple Leaf's earnings in 2018.

Maple Leaf Foods is a leading consumer protein company that makes high-quality, innovative products under national brands that include Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Schneiders Country Naturals, Mina and Lightlife. The company employs approximately 11,500 people and does business in Canada, the U.S. and Asia. The company is headquartered in Mississauga, Ont., and its shares trade on the Toronto (Ont.) Stock Exchange.