Canadian packaged meats company Maple Leaf Foods has entered a definitive agreement with Brynwood Partners to acquire US-based plant-based proteins manufacturer Lightlife Foods for $140m.

Reported to be a complete cash transaction, the deal is expected to close by March and subject to customary US regulatory review.

Maple Leaf Foods president and CEO Michael McCain said: "Expanding into the fast growing plant-based proteins market is one of Maple Leafs strategic growth platforms and supports our commitment to become a leader in sustainability.

“Consumers are increasingly looking to diversify their protein consumption, including plant-based options. The acquisition of Lightlife provides Maple Leaf with a leading market position and brand in the US in a category that is outpacing growth in the broader packaged foods sector.

“We will expand our presence through investment in brand building, innovation and leveraging our respective capabilities."

Lightlife has a workforce of nearly 100 people at its facility located in Turners Falls, Massachusetts, wher it produces more than 30 products, including plant-based tempeh, hot dogs, breakfast foods and burgers.

Lightlife Foods president and CEO Roy Lubetkin said: “Maple Leaf Foods has an industry leading commitment to sustainable protein, including a strategic focus on plant proteins, and being part of this incredible organisation will enable the continued growth of our brands.”

Lightlifes management team will continue to lead the business and operate as a subsidiary of Maple Leaf.