Finnish food maker Paulig Group is buying 51 percent of Gold&Green Foods, a food technology start-up behind so-called pulled oats, saying on Thursday it would expand the meat substitute internationally.
The plant-based product, which uses Nordic oats and broad beans as its main ingredients, was launched in Finnish stores in May and Gold&Green says it is struggling to meet growing consumer demand for it.
“We currently have annual sales of 2 million euros ($2.23 million), but the demand only in Finland is 20 times bigger,” Gold&Green co-founder and Chief Executive Maija Itkonen said.
Family-owned Paulig said it aims to increase production capacity and sell it internationally, starting in other Nordic countries.
It did not disclose the financial terms of the deal but said Gold&Green would continue as an independent unit after the acquisition.
($1 = 0.8975 euros)
By Tuomas Forsell
A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.
The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.
Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.