Keystone Capital, Inc. (“Keystone”) is pleased to announce that its portfolio company, Keystone Natural Holdings, LLC (“KNH”), has completed its acquisitions of J.P. Veggies, Inc. (“VeggieLand”) and Superior Tofu Ltd. (“Superior”). VeggieLand and Superior join Nature Soy in KNH’s portfolio of leading manufacturers of healthy, plant-based protein products.
Keystone initially acquired Nature Soy, a Philadelphia-based producer of high-quality soy and vegetarian food products, in June 2016. Nature Soy uses non-GMO ingredients and proprietary formulas to create tofu, soy milk, and rice noodles with unique and desirable flavor profiles. The Company supplies specialty retail and foodservice customers primarily on the East Coast and throughout the Midwest. For more information on Nature Soy, visit www.naturesoy.com.
VeggieLand is a leading manufacturer and distributor of meatless veggie burgers and appetizers. Founded in 1994 and based in Parsippany, New Jersey, VeggieLand has developed a diverse and growing portfolio of healthy meatless products sold into retail and foodservice channels through the Franklin Farms and Jens & Marie brands as well as private label. The partnership with VeggieLand will provide KNH with a broader product portfolio, greater channel reach, and expanded product innovation capabilities. For more information on VeggieLand, visit www.veggieland.com.
Superior Tofu is a Vancouver-based manufacturer and supplier of tofu, soy milk, and other soy-based products. Founded in 1982, Superior has an established, loyal base of specialty and mainstream retail and foodservice customers throughout Canada. With the unique combination of its authentic tofu-making heritage and commitment to world-class food safety, Superior is a natural fit alongside Nature Soy. For more information on Superior Tofu, visit www.superiortofu.com.
The combined business will continue to be led by Kenny Sung, CEO of KNH. Existing management teams at VeggieLand and Superior have been retained to continue driving growth across the platform. “These two acquisitions further enhance our ability to innovate and produce authentic, great tasting and healthy products,” said Kenny. “We are looking forward to providing a broader selection of complementary products across our collective customer base.”
“We are extremely excited about the continued development of our plant-based protein platform through both organic growth and strategic acquisitions,” commented Chaoran Jin, Managing Director of Keystone. “Keystone is committed to investing further in this natural, better-for-you segment.”
Terms of the transactions are not being disclosed. Senior debt financing was provided by Wintrust Bank and legal counsel was provided to Keystone by Honigman Miller Schwartz and Cohn, LLP. Tully & Holland, Inc. advised VeggieLand and CCC Investment Banking advised Superior Tofu in connection with these transactions.