Galaxy Nutritional Foods, Inc., which produces the Go Veggie brand of plant-based cheese alternatives, is being acquired by Canada’s GreenSpace Brands, Inc., for $17.8 million.
“We couldn’t be more excited to add Go Veggie to the GSB family of brands. With the acquisition of Go Veggie, we enter our most sought-after vertical: plant-based dairy alternatives. The addition of Go Veggie adds a profitable pre-existing U.S. platform that will enable us to launch our most innovative and unique brands into the U.S.,” Matthew von Teichman, chief executive officer of GreenSpace, said in a statement. “This is truly a transformative acquisition for us. We will continue to develop [Galaxy Foods’] Canadian sales strategy through the leveraging of our current platform and strategically initiate our U.S. development by leveraging their platform. It’s a win-win and the ideal way for us to get going in the U.S. market.”
GreenSpace, a Canadian-based ideation team “that develops and markets natural food products,” also owns and operates brands including Love Child Organics, Central Roast, Rolling Meadow Dairy, and Kiju.
“We’ve been watching GreenSpace for years and have admired the stable of brands they’ve been able to put together in such a short time,” said Rick Antonelli, CEO of Galaxy Nutritional Foods. “We feel that Go Veggie is a perfect addition to that roster of strong brands, and with the potential synergies of our team selling their products and their team selling our products, there’s a significant long-term upside for both. I can’t wait to start presenting GreenSpace’s unique and innovative products to the U.S. market and Go Veggie’s existing retail partners.”
Found in more than 12,000 supermarkets across North America, Go Veggie offers 55 different plant-based cheese products (some do contain dairy casein) in a variety of styles — singles, shreds, bars, spreads, and dips. The deal with GreenSpace is expected to close by the end of January 2018.