The Very Good Food Company acquires Lloyd-James Marketing Group

canadiangrocer.com

Canadian Grocer staff | March 17, 2021

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.

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