Royal DSM has announced that it will acquire Norwegian company Vestkorn Milling, one of Europe’s producers of pea and bean-derived ingredients for plant-based protein products, for an enterprise value of €65m.
Vestkorn Milling supplies proteins, starches and dietary fibers for plant-based foods, pet food and animal feed. The company has 55 employees and is based in Tau on the southwest coast of Norway.
The acquisition supports DSM’s strategy to build an alternative protein business and will provide synergy with DSM’s CanolaPRO rapeseed protein isolate, which will commercially launch next year.
The acquisition will also help DSM deliver on its Food System Commitments to reach 150 million people with nutritious and sustainable plant-based protein foods by 2030.
Subject to customary conditions, the transaction is expected to close in Q4 2021.
Patrick Niels, executive vice president of DSM’s Food & Beverage division, said, “We very much look forward to welcoming Vestkorn Milling and their team to DSM. Increasingly, food and beverage producers around the world are looking to partners who can offer an integrated portfolio of ingredients, expertise, and solutions to help them differentiate and get to market fast. This is especially important in the highly dynamic meat alternatives space, where consumer and societal expectations around authentic taste, texture and nutritional profile, as well as climate impact, are becoming more and more sophisticated.”
Aslak Lie, CEO of Vestkorn Milling, added, “Through the cooperation with DSM we have taken a huge step towards becoming a global leader of pulse-based ingredients. Over the past years we have significantly expanded our business and market. With DSM, we have got a long-term oriented owner that will fuel further growth and expansion. We are thrilled by this opportunity, and we look forward to being a part of the DSM team.”