The Very Good Food Company has purchased Lloyd-James Marketing Group--a boutique wholesale and food service broker that specializes in the plant-based food industry--for $1.075 million.
Lloyd-James has been working with The Very Good Food Company--the Vancouver-based producer of The Very Good Butchers vegan meats brand-- since 2019, helping it get product into such retailers as Whole Foods, Sobeys, Metro, Loblaw and Walmart.
As part of the deal, The Very Good Food Company will absorb Lloyd-James’ team of national sales representatives to form its own Canadian retail sales team, scaling its network from 275 points of distribution at the end of 2020 to a target of more than 2,000 by the end of this year. In a press release, The Very Good Food Company said the acquisition would eliminate broker fees and help the company save 5% of future gross revenue.
"Lloyd-James' core services and expertise in the plant-based food industry will add significant value to both VERY and our investors," said CEO Mitchell Scott in a statement. "By acquiring Lloyd James, we not only significantly save on broker fees going forward but now have a Canadian retail sales team whose focused approach to brand representation will help us further establish a national market presence."
News of the acquisition comes only weeks after The Very Good Food Company paid $3 million for the The Cultured Nut--a Victoria, B.C.-based producer of artisanal vegan cheese–which it will rebrand as The Very Good Cheese Company later this year.