Canadian plant-based food manufacturer Sol Cuisine is going public on the TSX Venture Exchange.
As part of the transaction, the company has raised $15 million in two private placements to accelerate near-term growth.
“We founded Sol Cuisine over 20 years ago, with the objective of producing plant-based protein products that were both delicious, and nutritionally superior to commercially available meat products and major competitive plant-based offerings,” says Dror Balshine, founder and president, Sol Cuisine. “Our team has succeeded, and as we transition the Company into the public markets, the growth opportunity is bigger than ever. In a market conservatively expected to grow at an approximately 20 per cent annual rate through 2027, Sol Cuisine is positioned to win – for consumers, for the earth and for its shareholders."
John Flanagan, CEO of the company says the company has developed “a combination of best-in class, highly differentiated products, established a broad North American distribution network, and financed and built-out the operational foundation necessary to support rapid and sustaining growth.”
Sol Cuisine has a portfolio of more than 30 SKUs in three plant-based food areas: burgers, appetizers and entrées, which are sold in more than 11,000 retail stores in Canada and the U.S.
Products are made at two facilities in Mississauga, Ont.