Canada’s Maple Leaf Foods has entered a definitive agreement to acquire US-based Field Roast Grain Meat in a deal valued at $120m, plus related costs.

Maple Leaf expects to finance the transaction through a combination of cash-on-hand and drawings under the existing credit facility.

Maple Leaf Foods president and CEO Michael McCain said: “The acquisition of Field Roast complements and expands our portfolio in the fast-growing North American market for alternative proteins.

“It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact.

“Field Roast has built brand leadership through focusing on quality, craftsmanship and taste, and its acquisition will allow Maple Leaf to fuel growth in the category through investment, brand building and innovation.”

“It also aligns with our vision to be a leader in sustainable protein and create shared value through making a positive social impact.”

The deal is subject to customary regulatory review and transaction conditions and is expected to close by the end of this year.

Field Roast offers grain-based ‘meat’ and vegan cheese products that are distributed across North America.

The company’s products range includes fresh and frozen grain-based roasts, loaves, sausages, frankfurters, burgers, deli slices, appetizers, as well as Chao brand vegan cheese slices and entrees.

It employs nearly 200 people at its 75,000ft2manufacturing facilities located in Seattle, Washington, US.