Comitis Capital has acquired The Tofoo Co., a plant-based meat alternatives business with over 60% market share in tofu.
The Tofoo Co., headquartered in Yorkshire, was acquired in 2016 by David Knibbs and Lydia Smith. Beyond its core tofu portfolio, The Tofoo Co. offers a selection of value-added tofu products as well as other plant-based meat alternatives such as tempeh and seitan.
With a strong holding in major retail, the company is expanding its food service channel with restaurant chains such as Wagamama.
Nikolaus Bethlen, Managing Partner at Comitis, said: “The Tofoo Co. has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality products.
“David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth. The Tofoo Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”
Felix Jauch, Investment Associate at Comitis, added: “We are thrilled to collaborate with visionary entrepreneurs who are eager to foster growth, and the team at The Tofoo Co. perfectly embody this spirit.
“Together, we share a unified vision of propelling The Tofoo Co. into a leading position in the international plant-based meat alternatives market. With our investment, expertise, and extensive network, we are committed to fueling the company’s dynamic expansion plan.”
Existing management David Knibbs and Lydia Smith will remain invested in the business and continue to steer the company’s growth in the UK and international markets.
David Knibbs, Managing Director of The Tofoo Co., said: “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co. to the next level.
“Their value-based investment approach aligns perfectly with our vision, and we see significant opportunities for The Tofoo Co. ahead.”
“The Tofoo Co has plans to grow further, both with existing & new customers and channels, and needed a strong and proactive partner to help that growth journey. Comitis are a great fit as that partner for this next chapter of Tofoo Co’s growth journey,” said Lydia Smith Executive Director of The Tofoo Co.
Comitis was advised by MCF Corporate Finance (Buyside Financial Advisor), CADEN Strategy (Commercial), Eight Advisory (Financial, Tax and Operations), and Orrick, Herrington & Sutcliffe (Legal).