On January 19, 2022, Sol Cuisine Ltd. (TSXV: VEG) announced the closing of its acquisition by PlantPlus Foods LLC ("PlantPlus Foods") and its wholly-owned subsidiary, PlantPlus Foods Canada Inc. (the "Purchaser") by way of a plan of arrangement under the Business Corporations Act (Ontario).
SOL Cuisine is a fast-growing producer of branded and private label, consumer-preferred plant-based protein offerings through an established omni-channel distribution platform in Canada, the US and Mexico.
PlantPlus Foods, a joint-venture controlled by Marfrig Global Foods S.A., is a provider of leading-edge plant-based protein products across the Americas.
Pursuant to the arrangement agreement, the Purchaser acquired all of the outstanding common shares, common share purchase warrants, compensation options and outstanding stock options of Sol Cuisine, in a transaction valued at approximately $125.4 million.
Gowling WLG acted as legal counsel to Sol Cuisine with a team led by Jason A. Saltzman and Kathleen Ritchie, and that included Josh Rosen, Joseph McDonald and Sean Walsh (corporate/M&A), Paul Carenza and Lesley Kim (tax), Charlotte McDonald (IP), Ian MacDonald (competition), Andrew Bratt (employment), Wendy Wagner (international trade), Lewis Retik and William Bjornsson (food regulatory), Michael Watson, Virginie Gauthier and Katherine Yurkovich (litigation) and Chris Oates (privacy and IT), assisted by students-at-law Jaanam Mahboobani, Alexandra Misurka and Matthew Brooker.