Rockshield Capital Corp. has completed two of three planned acquisitions the publicly-listed Canada-based investor had outlined in April.

The firm has sealed deals for food-ingredients and consumer-foods business Sapientia Technology and for pulse processor Belle Pulses.

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A plan to buy 75% of Boku International, a US firm marketing meal replacements and protein powders, will not go ahead. Rockshield did not disclose the reasons why that deal did not take place.

Rockshield has paid CAD30m (US$24m) in cash for Belle Pulses and a mix of cash and shares for Sapientia. The investor will pay for Sapientia with just over 3.7m shares and US$6.4m in cash.

In January, Rockshield said it wanted to expand its investments to include the plant-based market.

Announcing the completion of the deals for Sapientia and Belle Pulses, the investor forecast its “new vertically integrated agri-business division” would enjoy $60m in revenue and $9m in 2021.

Rockshield has set up two subsidiaries to hold the investments in the companies – Prairie Plant Farms and The Healthy Table Superfoods Company.

Prairie Plant Farms will house Belle Pulses, which Rockshield described as “one of the largest processors of plant-based ingredients in Canada”.

Sapientia will sit under The Healthy Table Superfoods Company. Rockshield said Sapientia had developed plant-based products “with ground-breaking IP”. The products include plant-based meat, dairy and snack foods.

“We are in a unique position to capitalize on an excellent pipeline of acquisitive agribusiness, food-tech, and commercial businesses to continue to build our platform,” Mark Coles, strategic adviser and head of corporate development, said.