Zoglo’s recently signed a non-binding letter of intent (LOI) to acquire a 50.5 percent interest in Monday Swiss UK, doing business as Monday Swiss. Monday Swiss, which has extensive experience in developing plant-based alternatives, will be an asset as Zoglo’s continues to push new product development.
"The proposed acquisition of Monday Swiss represents the beginning of Zoglo's commitment to sustainable global expansion and leading plant-based food innovation," said Anthony Morello, CEO of Zoglo's. "This acquisition creates a strong business for Zoglo's in Europe and the U.K. in conjunction with its current evolving business in Canada and existing U.S. business."
According to a release, this acquisition will provide Zoglo's the capacity to expand globally and provide its customers with the next generation of plant-based foods. It is expected to increase the company’s annual sales by up to $6 million (CAD) from Monday Swiss, which would result in Zoglo's annual revenue increasing by up to 200 percent.
Monday Swiss has made significant advances in key product development areas such as clean label, sustainability in production, and sourcing and alternative plant-based proteins. The technology from Monday Swiss' facility is expected to provide Zoglo's with the next generation of meat analogues and the ability to bring industry-leading texture, quality, and innovation to North America.
Pursuant to the terms of the LOI, Monday Swiss Founder, Alon Cahn, will also join Zoglo's as Chief Executive Officer of its European Operations.
"With a production capacity of over 500,000 kilograms per month, and the ability to double our capacity by 2023, I believe Zoglo's is poised to become one of the leading plant-based meat alternative companies globally,” stated Cahn.
As the plant-based sector continues to heat up, Deli Market News will have our eyes peeled for the latest.
