LONDON – Ingredient supplier Tate & Lyle PLC has acquired most of the assets of Nutriati, Richmond, Virginia, a developer and manufacturer of chickpea-based ingredients sold under the Artesa brand. Terms of purchase are not disclosed.
The acquisition came after an agreement between the two companies in November 2021 that Tate & Lyle would be the exclusive distributor of Nutriati chickpea protein and flour. Nutriati debuted the Artesa brand in 2018.
“Tate & Lyle is committed to breakthrough, innovative and sustainable plant-based solutions,” said Nick Hampton, CEO of Tate & Lyle. “This acquisition perfectly complements our existing portfolio of ingredients and supports our goals of maintaining a healthy lifestyle and caring for our planet. We look forward to taking full advantage of the strong functional benefits of these chickpea-derived products, and offer our customers an even wider range of solutions to strengthen. ”
Since its founding in 2013, Nutriati has raised $ 26.4 million. In December 2019, chickpea ingredient developer received $ 12.7 million in a Series C round led by Manna Tree Partners, a private equity investor from Vail, Calaria. The main uses of chickpea protein and flour include non-dairy, vegetable and gluten-free meat alternatives.
“Since Nutriati’s inception, we have worked to address the challenges of taste, nutrition, functionality and sustainability for vegetable and gluten-free markets,” said Michael Todd, Nutriati’s CEO. “With global reach and a strong focus on health and well-being, Tate & Lyle has a very good position to develop this offering and I wish them all the best in the future.”
The acquisition of Tate & Lyle came after an investment by Ingredion Inc. from Westchester, Illinois, in February 2022 to InnovoPro, Tel Aviv, Israel. Founded in 2015, InnovoPro has developed a patented extraction process for the concentration of chickpea protein. The company offers a 70% protein concentrate that has a neutral taste, high functionality and high nutritional value, according to the company. Applications include dairy-free yogurt, ice cream, plant-based burgers and energy bars.
“We believe these investments will open up greater consumer attractiveness for chickpea protein concentrates,” said Michael Natale, world leader in the Ingredion vegetable protein platform at the time of the investment. “InnovoPro has a large portfolio of solutions for chickpeas, and we are thrilled with the potential of new applications that will enable our customers to take advantage of trends that are shaping the food industry.”
Ingredion’s investment terms are not disclosed.
Tate & Lyle adds chickpea capabilities with the acquisition
Source link Tate & Lyle adds chickpea capabilities with the acquisition