Wicked Kitchen, a global plant-based food brand, has been acquired by Ahimsa Companies along with associated brands Good Catch and Current Foods, as part of consolidation efforts in the plant-based industry.
“We are aligned in our missions and believe Wicked Kitchen is even stronger today and better positioned to serve health- and environmentally-conscious consumers who aren't willing to sacrifice taste or convenience,” said Wicked Kitchen CEO Pete Speranza.
Founded by chefs Derek and Chad Sarno, Wicked Kitchen offers a wide range of plant-based foods, including frozen meals, desserts, ingredients and snacks. The company's products are sold in over 20,000 retail stores and online, with over 50 varieties available in the US and over 150 in the UK.
Industry Consolidation
Industry consolidation has been noted as essential to the growth and success of the plant-based sector, especially given the crowded market and recent decline in investment funding. Recent forecasts have noted that consolidation is a necessary step for the success and longevity of the plant-based industry.
“Financially stronger companies and private equity investors may see now as an opportunity to acquire emerging plant-based brands with innovative products and strong market niches,” the report by UK and Irish law firm Brown Jacobson said.
Additionally, Matthew Glover, chief mission officer at The Vegan Food Group, told vegconomist: “It's clear that many plant-based startups are struggling to hit the rapid growth trajectory expected, and the waning appetite for investment in the space will likely lead to further consolidation.”
Future plans and expansion
Multiple additional brands and related businesses are expected to join the Ahimsa Companies, leveraging their combined strengths and resources. As part of Ahimsa, Wicked Kitchen plans to continue expanding its retail footprint, strengthening its foodservice, further investing in innovation and offering a broad range of animal-free consumer packaged goods in the U.S. and U.K. markets. The company's products are currently sold in leading U.S. retailers, including Target, Wal-Mart and Kroger.
“We've said all along that consolidation will drive the success of the plant-based industry.”
“We have always said that consolidation leads to success in the plant-based industry,” said Matt Thalman, Group CEO of Ahimsa Companies. “As Ahimsa Companies integrates more brands, we will be able to leverage this strength to stabilize and shape the new plant-based industry landscape.”
The Sarno brothers will remain shareholders in Wicked Kitchen. Derek spoke about his future plans on LinkedIn, saying, “For the time being, […] It's a feature-length cooking video aimed at empowering industry chefs, product developers and home cooks to master the art of creating great plant-based meals.”
