Dairy Company Buys Vegan Cheese Brand for $17.8M

Canadian company GreenSpace—known partly for its Rolling Meadows Dairy, the largest “grass-fed” dairy brand in the country—announced this week its acquisition of United States-based Galaxy Nutritional Foods, Inc. (the parent company to brand Go Veggie, which makes a vegan cheese line) for $17.8 million. Go Veggie’s recorded profits through March 31 are $16.3 million, and GreenSpace hopes the acquisition will make it a leader in the growing plant-based industry. “With the acquisition of Go Veggie,” GreenSpace CEO Matthew von Teichman said, “we enter our most sought-after vertical, plant-based dairy alternatives. This is truly a transformative acquisition for us. We will continue to develop their Canadian sales strategy through the leveraging of our current platform and strategically initiate our US development by leveraging their platform.” Several major food companies have recently acquired plant-based brands to stay competitive as consumer habits shift toward plant-based foods, including Canadian meat company Maple Leaf Foods, which acquired vegan meat alternative brands Lightlife and Field Roast this year for $140 and $120 million, respectively.