UK tofu brand The Tofoo Co. Ltd has been acquired by investment firm Comitis Capital for an undisclosed amount.
Yorkshire-based The Tofoo Co. said that existing management David Knibbs and Lydia Smith will remain invested in the business and continue to steer the company’s growth in the UK and international markets.
Tofoo said it was “bucking the category decline” (-7.9% year-on-year) by growing 19.1 year-on-year, and stated that it had “overtaken Cauldron to become the 2nd biggest brand in meat-free”, boasting a 62% share of the tofu category.
Tofoo was acquired in 2016 by David Knibbs and Lydia Smith. Beyond its core tofu portfolio, The Tofoo Co. offers a selection of value-added tofu products as well as other plant-based meat alternatives such as tempeh and seitan.
David Knibbs, managing director of The Tofoo Co., said: “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co. to the next level. Their value-based investment approach aligns perfectly with our vision, and we see significant opportunities for The Tofoo Co. ahead.”
Lydia Smith, executive director of The Tofoo Co., stated: “The Tofoo Co. has plans to grow further, both with existing & new customers and channels, and needed a strong and proactive partner to help that growth journey. Comitis are a great fit as that partner for this next chapter of Tofoo Co.’s growth journey.”
Nikolaus Bethlen, managing partner at Comitis, said: “The Tofoo Co. has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality products. David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth. The Tofoo Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”
