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The Tofoo Co, the UK’s second biggest meat-free brand, is now under ownership of German investment management firm Comitis Capital.
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The Tofoo Co specializes in tofu, tempeh, and seitan products. It’s perhaps best known for its range of extra firm tofus that come in four different flavors. Around 60 percent of the tofu market share is run by The Tofoo Co. Earlier this year, the brand announced the launch of its first ever seitan products, a first of its kind in UK retail.
Comitis Capital plans to expand the company even more with the new acquisition. In a statement, Managing Partner at Comitis Nikolaus Bethlen said that The Tofoo Co was ready for its “next stage of growth.”
“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,” he added.
The Tofoo Co was founded in 2015 by husband and wife team Lydia Smith and David Knibbs. The two will remain invested in the company.
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The popularity of Tofoo
Despite negative media coverage of the plant-based alternative category, The Tofoo Co has seen skyrocketing sales in recent years. Its focus on more natural ingredients has been attributed to its popularity.
In 2023, its revenue reached £20.2 million (USD $26.3 million). This was an increase of 10.4 percent. Value sales for the business are rising around 19.1 percent year on year.
“The Tofoo Co has plans to grow further – both with existing and new customers and across channels – and needed a strong and proactive partner to help that growth journey,” Smith said in a statement. “Comitis are a great fit as that partner for this next chapter of Tofoo Co’s growth journey.”
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