Up Food Corp to list on NY Exchange via SPAC, plans takeover of Atlantic Natural Foods – Vegetarian

Canada’s Above Foods, a maker of plant-based ingredients and CPGs, will list on the NY Exchange in a SPAC transaction with Bite Acquisition Corp.

Additionally, the company is set to purchase Atlantic Natural Foods, whose subsidiaries include plant-based brands Loma Linda, Chicon and Tuno, as part of the IPO.

Above Food Corp. and Bite Acquisition Corp. Entered into a definitive business combination agreement that values ​​the Company at a pro forma enterprise value of approximately $319 million. Upon completion of the proposed transaction, Above Food will be a publicly traded company and is expected to be listed on the NYSE under the new ticker symbol “ABVE.”

Above Food Brand © Above Food

Above Food is an independent, vertically integrated plant-based ingredients and food company committed to regenerative agriculture and sustainable food technologies to create a healthier world. The company says it provides its customers with nutritious food ingredients that are traceable and sustainable, and maximize profits by covering the entire production value chain from seed to table.

“We founded Above Food with the intention of bringing positive change to the food chain,” said Lionel Kambeitz, Chairman, President and Chief Executive Officer of Above Food. We believe Above Food is well-positioned to ensure global communities and consumers have access to nutritious ingredients produced and harvested using sustainable agricultural practices as food insecurity increases and disruptions in the global food supply chain continue.”

Above the food banner
© Food on top

Alberto Ardura, Chairman and CEO of Byte Acquisition Corporation commented, “Our goal was to partner with an industry-leading, differentiated food company with strong fundamentals. We believe we have found this combination in Above Foods with an innovative approach to driving value in the specialty ingredients and consumer products industry, and a highly motivated and experienced management team with a great vision for where this industry is going.”

Above Food is a high-growth company with projected sales of $482 million and adjusted EBITDA1 of approximately $23 million by January 2024, representing a two-year compound annual growth rate (CAGR) of 80%. Above Food has a long-term adjusted EBITDA margin target of approximately 15%.

For more information, visit www.abovefood.com and www.biteacquisitioncorp.com.

Source link