Keystone Natural Holdings Acquires J.P. Veggies and Superior Tofu
Keystone Natural Holdings LLC, a portfolio company of Keystone Capital Inc., recently completed its acquisitions of J.P. Veggies Inc. and Superior Tofu Ltd. VeggieLand and Superior join Nature Soy in the KNH portfolio of leading manufacturers of healthy, plant-based protein products.
VeggieLand is a leading manufacturer and distributor of meatless veggie burgers and appetizers. Founded in 1994 and based in Parsippany, New Jersey, VeggieLand has developed a diverse and growing portfolio of healthy meatless products sold into retail and food service channels through the Franklin Farms and Jens & Marie brands, as well as private label. The partnership with VeggieLand provides KNH with a broader product portfolio, greater channel reach and expanded product innovation capabilities.
Superior Tofu is a Vancouver-based manufacturer and supplier of tofu, soy milk and other soy-based products. Founded in 1982, Superior has an established, loyal base of specialty and mainstream retail and food service customers throughout Canada. With the unique combination of its authentic tofu-making heritage and commitment to world-class food safety, Superior is a natural fit alongside Nature Soy.
Initially acquired by Keystone in 2016, Nature Soy is a Philadelphia-based producer of high-quality soy and vegetarian food products. The company uses non-GMO ingredients and proprietary formulas to create tofu, soy milk and rice noodles with unique and desirable flavor profiles. Nature Soy supplies specialty retail and food service customers primarily on the East Coast and throughout the Midwest.
The combined business will continue to be led by Kenny Sung, CEO of KNH. Existing management teams at VeggieLand and Superior have been retained to continue driving growth across the platform.
“These two acquisitions further enhance our ability to innovate and produce authentic, great tasting and healthy products,” says Sung. “We look forward to providing a broader selection of complementary products across our collective customer base.”
“We are extremely excited about the continued development of our plant-based protein platform through organic growth and strategic acquisitions,” comments Chaoran Jin, Managing Director of Keystone. “Keystone is committed to investing further in this natural, better-for-you segment.”
Senior debt financing for the acquisitions was provided by Wintrust Bank. Legal counsel was provided to Keystone by Honigman Miller Schwartz and Cohn LLP. Tully & Holland Inc. advised VeggieLand, and CCC Investment Banking advised Superior Tofu in connection with these transactions.