Canadian consumer protein company Maple Leaf Foods has completed the acquisition of Lightlife Foods, a US-based manufacturer of refrigerated plant-based protein foods.

The transaction value of C$140m ($104.2m), in addition to related costs, was financed from cash on hand.

Maple Leaf Foods anticipates that the acquisition would provide a growth opportunity in one of its strategic growth platforms.

The US market for plant-based proteins is estimated at $600m, with the refrigerated category representing more than $110m and delivering double-digit annual growth.

Lightlife is reported to have occupied approximately 38% of the US market share.

The management team of Lightlife will continue to lead the business, which will operate as a subsidiary of Maple Leaf Foods.

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

"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 are committed to growing the business through investment in brand building, innovation and leveraging our respective capabilities.”

Headquartered in Mississauga, Ontario, Maple Leaf Foods employs nearly 11,000 people across Canada and exports to global markets, including the US and Asia.