US plant-based products manufacturer Atlantic Natural Foods (ANF) has officially announced the termination of its partnership with Canadian counterpart Above Food, opting instead to transition back to private ownership.
The parent company of the Loma Linda, Neat, and Tuno shelf-stable brands declared it would withdraw from Above Food’s strategic plan, which it characterized as a “three-year journey toward entering a public environment.”
In a statement issued yesterday (December 18), Nashville-based ANF clarified its intention to concentrate on “advancing the next generation of plant-based solutions.”
Both parties mutually agreed to withdraw from the partnership, a decision reflecting a strategic realignment amidst a thorough evaluation of the evolving business landscape.
ANF cited several factors influencing its decision, such as the global repercussions of Covid-19, supply chain disruptions, and rising food inflation.
Following the termination, ANF executives will regain direct fiduciary oversight, focusing on overcoming evolving challenges and reaffirming their commitment to innovation and quality.
The company’s statement emphasized: “This strategy allows us to reinstate our commitment to returning the company to its core principles, products, and consumer while continuing our mission of creating healthy food for the world in 2025 and beyond.”
ANF Chairman Doug Hines stated: “Operating in the industry’s ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead. We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers.”
Despite ending the formal partnership, ANF will maintain collaborative ties with Above Food, which provides plant-based meat, dairy, and baby food products. ANF will retain shares in Above Food, while Above will “retain interest” in ANF.
The US company entered into a partnership agreement with Above Food in late 2021, described then by the Canadian firm as a “binding transaction agreement” approved by both businesses’ boards. Financial details were not disclosed.
In May 2023, Above Food indicated it was set to buy ANF as part of its IPO plans before listing on the Nasdaq exchange.
ANF CEO Hines remarked at that time: “In 2021, Above Food acquired a minority interest, increased it in 2022; today they [Above Food] retain a minority interest. Agreement was finalized that ANF will roll the balance of their shares into the IPO and Above Food will have the controlling shares.”
U.S. investment group AFT Holdings, the owner of ANF, was poised to become a shareholder in the listed Above Food.
ANF’s brands are available across the US and in 30 countries, including the UK, South Africa, and Australia.
