JBS, the world’s largest protein company and second-largest food producer, has entered into an agreement to purchase Vivera, Europe’s third-largest plant-based food company, for an enterprise value of €341 million.

Vivera develops and produces a broad range of innovative plant-based meat replacement products for major retailers in over 25 countries across Europe, with relevant market share in the Netherlands, the United Kingdom and Germany. The deal includes three manufacturing facilities and a research and development center located in the Netherlands.

The acquisition of Vivera is seen as strengthening JBS’ global plant-based food platform. JBS reports that strong growth is expected in this category throughout global markets. The deal will add a brand to JBS’ portfolio that is well- established in consumer preference, strengthening the company’s focus on value-added products.

Vivera, currently the largest independent plant-based company in Europe, will join other JBS initiatives such as Seara’s Incrível line, a market leader in plant-based hamburgers in Brazil, and Planterra, with the Ozo brand in the United States.

“This acquisition is an important step to strengthen our global plant-based protein platform,” said Gilberto Tomazoni, global CEO, JBS. “Vivera will give JBS a stronghold in the plant-based sector, with technological knowledge and capacity for innovation.”

JBS plans to manage Vivera as a standalone business uni with its current leadership team to remain in place.

“Joining forces with JBS gives us access to significant resources and capabilities to accelerate our current strong growth trajectory and Vivera brand expansion,” said Willemvan Weede, CEO of Vivera.

The deal was approved by the JBS board of directors and will be concluded after approval by anti-trust authorities.