Above Food Corp., a plant-based food company focused on regenerative agriculture and sustainable food technologies, announced a definitive business combination agreement with Bite Acquisition Corp. The deal values Above Food at $319 million, and the company will become publicly listed on the NYSE as “ABVE.” Its unique “Seed-to-Fork” platform offers a portfolio of ingredients and consumer products, with direct distribution channels that enable higher margins and improved efficiencies.
Above Food Corp. and Bite Acquisition Corp. announced their definitive business combination agreement, which values Above Food at a pro forma enterprise value of approximately US$319 million. The deal will enable Above Food to become a public company listed on the NYSE under the new ticker symbol “ABVE”. Above Food is an innovative food company that leverages its vertically integrated supply chain to deliver differentiated ingredients and consumer products. Bite Acquisition Corp. is a special purpose acquisition company formed to effect a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
Above Food’s unique, vertically integrated, plant-based ingredient and food company focuses on regenerative agriculture and sustainable food technologies that create a healthier world. Its “Seed-to-Fork” platform enables a synergistic portfolio of ingredients and consumer products, with ownership and control of its supply chain entry points allowing superior economics supported by beneficial margins and sustainable long-term growth drivers.
The total addressable market opportunity for Above Food is $200+ billion across key plant-based substitute categories and other adjacencies, fueled by favorable macroeconomic tailwinds, including rising food insecurity and increasing supply chain risks. Above Food Services has a diverse base of over 260 top-quality customers and a footprint of over 35,000 retail points of distribution. It also owns efficient production and processing facilities, capable of producing $650 million of revenues coupled with direct distribution channels that enable higher margins and improved efficiencies.
Above Food’s extensive food safety and food supply certifications include BRC AA, HACCP, Regenerative Organic Certified (ROC), Gluten-Free Certification Organization (GFCO), USDA Organic, Certified Kosher (COR), Vegan, Tested Glyphosate Clean, and Non-GMO Verified. It also owns and controls proprietary seed genetics and ongoing trait improvements through agronomy, production protocols, and natural genetic selection.
Bite Acquisition Corp.’s Chair and CEO, Alberto Ardura, believes Above Food will be a first-of-its-kind public company within the food-based specialty ingredients sector, utilizing a vertically integrated business model that leverages its source of supply and distribution infrastructure to create higher value formulations and products for the benefit of downstream customers in the ingredients and CPG space. Ardura also stated that the Seed-to-Fork platform allows for unique synergies that aren’t typically found in one place in the food industry and that it will translate directly to a very attractive margin expansion that shareholders will enjoy for many years to come.
Above Food’s Chair, President, and CEO, Lionel Kambeitz, started the company with the intent to drive positive change across the entire food chain. Kambeitz believes that Above Food is well-positioned to ensure communities and consumers around the globe have access to nutritious ingredients grown and harvested according to sustainable farming methods. Above Food’s business spans regenerative agriculture, ingredients manufacturing, consumer products, and how it brings these businesses together makes it a novel and differentiated solution to help tackle these growing global issues.
Image provided by Above Food Corp.
