US plant-based products manufacturer Atlantic Natural Foods (ANF) has announced that it is to withdraw from its partnership with Canadian peer Above Food and “transition back to private ownership”.
The Loma Linda, Neat and Tuno shelf-stable brands owner said it will no longer be part of Above Food’s plans, which it describes as “a three-year journey toward entering a public environment”.
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In an announcement yesterday (18 December), Nashville-based ANF said it will now focus on “advancing the next generation of plant-based solutions”.
It said both parties have mutually agreed to the withdrawal.
“This decision reflects a strategic realignment following a comprehensive evaluation of the evolving business landscape,” ANF said.
It said factors such as the global impact of Covid-19, supply chain disruptions and heightened food inflation played a key role in its decision.
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By GlobalDataFollowing the uncoupling, ANF executives will resume direct fiduciary oversight, “focusing on addressing these evolving challenges and reaffirming its commitment to innovation and quality”.
Its statement added: “This strategy allows us to reinstate our commitment to returning the company to its core principles, products and consumer, while carrying out our mission of creating healthy food for the world in 2025 and beyond.”
ANF chairman Doug Hines said: “Operating in the industry’s ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead. We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers.”
Despite the formal ending of the partnership, ANF said it and Above Food, which supplies plant-based meat, dairy and baby-food products, will maintain collaborative ties, with ANF retaining shares in Above and Above “retaining interest” in ANF.
The US company entered into a “partnership” agreement with Above Food in late 2021, described at the time by the Canadian company as a “binding transaction agreement” approved by the boards of both businesses. Financial details were not disclosed.
In May 2023, Above Food said it was set to buy ANF as part of its IPO plans before listing on the Nasdaq exchange.
ANF CEO Hines said at the time: “In 2021, Above Food acquired a minority interest, increased it in 2022; today they [Above Food] retain a minority interest. Agreement was finalised that ANF will roll the balance of their shares into the IPO and Above Food will have the controlling shares.”
US investment group AFT Holdings, ANF’s owner, was set to become a shareholder in the listed Above Food.
ANF’s brands are sold throughout the US and in 30 countries, including the UK, South Africa, and Australia.
