Zoglo’s Incredible Food Corp. (CSE: ZOG) has signed a non-binding letter of intent to acquire a leading European-based developer and manufacturer of innovative plant-based food alternatives, called Monday Swiss UK Ltd.
The proposed acquisition of Monday Swiss will enhance Zoglo’s competitive edge and growth opportunities, the company said in a statement this week.
Acquisition to underpin global expansion plans
Monday Swiss has experience in new product development that can ensure that Zoglo’s product portfolio continuously evolves. This will be important as the company seeks to expand in the European market, but also into North America.
Zoglo’s Incredible Food Corp. is a publicly-traded plant-based food company which offers nutrient-rich, plant-based appetizers, veggies, and meat substitutes to fulfill consumers’ needs for all occasions and cooking requirements.
Established in 2012, Monday Swiss is a leading producer of a wide variety of plant-based food products and technology, including the Veggie Day and Monday Swiss lines, with a dedicated state-of-the-art facility.
Monday Swiss services Tesco and Co-Op
Monday Swiss has invested over $3M in R&D over the past five years, servicing major customers such as Tesco, Holland & Barrett, Co-Op and leading on-line grocery retailer, Ocado, with leading edge whole-muscle plant-based technology.
The proposed acquisition will provide Zoglo’s with the capacity to expand globally and provide its customers with the next generation of plant-based foods and increase annual sales by $6M CAD from Monday Swiss, resulting in Zoglo’s annual revenue increasing by 100%.
“The proposed acquisition of Monday Swiss represents Zoglo’s commitment to sustainable global expansion and leading plant-based food innovation.” said Anthony Morello, CEO of Zoglo’s. “This acquisition creates a strong business for Zoglo’s in Europe and the U.K. in conjunction with its current evolving business in Canada and existing US business.”
Pursuant to the LOI, Monday Swiss founder, Alon Cahn, will also join Zoglo’s as Chief Executive Officer of its European operations strengthening the company’s positioning within the European market.
Cahn is an experienced manager, having worked in key positions in leading companies such as Wrigley’s and Nestle and has lived and worked in Europe, Asia and North America.
Cahn, a lifelong vegetarian and food enthusiast, founded Monday Swiss after difficulty finding quality plant-based meat alternatives that were high in protein, versatile and great tasting.
Monday Swiss will play important product development role
Since inception, Monday Swiss has made significant advances in key product development areas such as Clean label, sustainability in production and sourcing and alternative plant-based proteins.
“With a production capacity of over 500,000 kg. per month, and the ability to double our capacity by 2023, Zoglo’s is poised to become one of the leading plant-based meat alternative companies globally”, said Cahn.
The technology from Monday Swiss’ facility will provide Zoglo’s with the next generation of meat analogues and the ability to bring industry leading texture, quality and innovation to North America as well.
The facility is certified BRC, Kosher OU, Halal, ISF and SMETA, so it is able to meet a wide range of consumer needs and customer demands. It has four production lines which can produce frozen, chilled and RTE plant-based products and deliver complete packaging solutions.
Zoglo’s wholly-owned subsidiary, Zoglo’s Incredible Food Inc., currently offers 14 products through its Traditional Green Box product line and aims to offer 12 innovative products for the mainstream market through its new Zoglo’s Incredible Black Box product line.
Over the past 25 years, Zoglo’s products have been in distribution in over 700 retail stores across Canada including Walmart, Shoppers Drug Mart, Sobeys and Loblaws, and has representation in the United States and Europe.
