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Modern Plant Based Foods signs letter of intent to acquire Northern Pacific Kaviar

March 7, 2023

Modern Plant Based Foods, an award-winning plant-based food company, has signed a letter of intent (LOI) with 1396974 BC Ltd (Northern Pacific Kaviar) to acquire 100% of the shares in the latter.

Northern Pacific Kaviar has developed an innovative vegan caviar using a blend of seaweed, flavorings and chia seeds to recreate the texture of real caviar for the vegan consumer. The company's vegan caviar is made from a blend of natural ingredients and is free of any animals products. Modern Plant Based Foods has been actively searching for cutting-edge vegan products to add to its portfolio and is looking forward to expanding the availability of vegan caviar to more consumers.

The luxury vegan food market is expanding, with an increase in demand from consumers for premium vegan food products. Consumers are continually becoming more health-conscious, and they are looking for healthier, more natural alternatives to traditional animal-based products. As a result, consumers seek out premium vegan food products has grown as they are yet to be widely available. The global vegan caviar market size is estimated to top US$295.6 million in 2022 and is projected to reach US$632 million by 2032 at a CAGR of 7.9% from 2022 to 2032. Sales of vegan caviar are poised to surge as availability via online channels grows. This acquisition will allow Modern Plant Based Foods to move into the premium vegan outlets and develop additional Kaviar variations under this new arm of the company.

With this acquisition, Modern Plant Based Foods will be able to produce and distribute vegan caviar to retail stores, restaurants, and other food-service locations. "Restaurants have been looking for a premium vegan product like this one, and by adding the vegan caviar product to our portfolio, it will further progress our vegan seafood portfolio," commented Avtar Dhaliwal, CEO of Modern Plant Based Foods. "We have established sales and distribution channels into various high-end outlets and we believe that vegan caviar is a delicious and nutritious alternative to traditional caviar. We look forward to making it more accessible to consumers."

These products offer an elevated experience for vegan diners and can be used to create sophisticated dishes. The demand for luxury vegan food products such as Northern Pacific Kaviar is growing due to an increased awareness of the environmental and health benefits of veganism. As more people become aware of the benefits of veganism, they are more likely to purchase premium vegan food products.

Completion of the deal is subject to various conditions, including the completion of definitive documentation, approval of the Canadian Securities Exchange, and other customary conditions.

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