International agribusiness and food company Bunge has acquired an undisclosed minority stake in Canadian ingredient supplier Merit Functional Foods.

Bunge acquired the stake by making a capital investment of C$30m ($22.9m) in Merit.

Established in 2019, Merit Functional Foods supplies protein ingredients and blends. It will use the proceeds to fast-track the construction and commissioning of its plant-based protein production facility in Manitoba.

The facility will be used for the production of novel pea and canola protein ingredients.

Merit claims that its new facility will be the only facility in the world to produce food-grade canola protein.

The production facility is expected to be fully operational by December.

Merit co-CEO Ryan Bracken said: “We’re excited to have a global partner like Bunge recognise our mission and assist us in accelerating our plans and path to launch.