Alt-dairy food manufacturer Plant Veda has completed the acquisition of Canadian plant-based ice cream manufacturer, Nora’s Non-Dairy.
Nora’s Non-Dairy was founded in 2017 and its cashew-based ice creams are sold in over 250 stores across Canada, including major retailers Safeway and Whole Foods Market.
Plant Veda is a plant-based dairy company based in Vancouver, Canada. The company states that Nora’s aligns with its portfolio due to the ice cream’s simple ingredient profile and sustainable paper-based packaging.
With funding from Protein Industries Canada, the co-founders of Nora’s are working on launching a new line of nut-free ice creams with Plant Veda’s oat milk base later in the year.
Nora’s co-founders, Katherine Backman and Tyler Bothwell, said: “The Plant Veda team shares our enthusiasm for plant-based foods and the Nora’s product line-up aligns perfectly with their innovative products. We are excited for the next phase of growth, especially the plans for oat milk-based ice cream and further development of the foodservice business.”
Pursuant to the terms of a share purchase agreement, a total of 1,530,613 common shares of Plant Veda were issued to Nora’s shareholders at a deemed price of CAD 0.196, subject to a voluntary escrow.
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.