Above Food and Bite Acquisition Corp. have entered into a business combination agreement, valuing the plant-based food company at $319 million and aiming for a NYSE listing under the new ticker symbol “ABVE.” The company is dedicated to regenerative agriculture and sustainable food technologies and is projected to have sales of $482 million by 2024 with a CAGR of 80%. As part of its IPO, Above Food plans to acquire Atlantic Natural Foods to expand its plant-based product offerings.
Above Food, an innovative plant-based ingredients and food company, has recently entered into a definitive business combination agreement with Bite Acquisition Corp, valuing the company at a pro forma enterprise value of approximately $319 million. With Above Food expecting to be listed on the New York Stock Exchange under the new ticker symbol “ABVE,” we can only hope they’ll be taking a big bite out of the marketplace.
The company, a vertically integrated plant-based ingredients and foods enterprise, is dedicated to regenerative agriculture and sustainable food technologies in pursuit of creating a healthier world. You know, the kind of world where vegetables are the stars and meat-based dishes are the supporting cast. A world where the entire production value chain from seed to table is covered, leaving no sprout or chickpea behind.
Above Food’s mission is to provide customers with nutritious food ingredients that are traceable and sustainable, demonstrating that it is possible to have your vegan cake and eat it too. In addition, the company aims to continue its growth trajectory. With projected sales of $482 million by January 2024 and adjusted EBITDA of approximately $23 million, Above Food is showing off a two-year compound annual growth rate (CAGR) of 80%. That’s the kind of growth you usually only see in those mutant tomatoes from B-movie horror flicks.
As part of its initial public offering, Above Food is also set to acquire Atlantic Natural Foods. The parent company of plant-based brands Loma Linda, CHICK’N, and Tuno, Atlantic Natural Foods is a perfect match for Above Food’s mission to create a healthier world through plant-based products. We can only assume they’ll give peas a chance.
Lionel Kambeitz, Chairman, President, and Chief Executive Officer of Above Food, is optimistic about the company’s future, stating that it is well positioned to ensure that communities and consumers worldwide have access to nutritious ingredients grown and harvested using sustainable farming practices. This is particularly relevant as food insecurity increases and the global food supply chain becomes more vulnerable to disruption. It seems that in the world of food, sometimes you have to go above and beyond.
Meanwhile, Alberto Ardura, Chairman and CEO of Bite Acquisition Corp., expressed his enthusiasm for the partnership, saying that Above Food’s novel approach to driving value in the specialty ingredients and consumer products industry, combined with a highly motivated and experienced management team, made them the perfect fit. In other words, they’ve found their “peas in a pod.”
In conclusion, the partnership between Above Food and Bite Acquisition Corp. signals a significant step forward for sustainable food technologies and regenerative agriculture. With a high-growth business model and a dedication to providing traceable, sustainable, and nutritious plant-based ingredients, this dynamic duo is poised to make a meaningful impact in the world of food. So, as we move forward into a greener future, remember: whether you’re a veggie lover, a meat reducer, or simply curious about plant-based cuisine, there’s always room for growth and innovation. And with a name like Bite Acquisition Corp., you can bet they’ll be taking a sizable chunk out of the competition.