Netherlands-based Royal DSM has signed an agreement to acquire Norwegian company Vestkorn Milling, one of Europe’s leading producers of pea- and bean-derived ingredients for plant-based protein products, for an enterprise value of €65 million.
Vestkorn Milling is well-positioned in the buoyant alternative protein market, supplying 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 south-west coast of Norway.
The acquisition will provide synergy with DSM’s innovative CanolaPRO™ rapeseed protein isolate, which will commercially launch next year.
Vestkorn Milling’s proteins, starches and dietary fibers are highly complementary to DSM’s broad offering to companies developing plant-based food and beverages, which includes vitamins, algal lipids and minerals to improve nutritional value; texturizing hydrocolloids; and flavors and yeast extracts as well as enzymes to improve protein taste and functionality.
The combination will furthermore help DSM deliver on its Food System Commitments to reach 150 million people with delicious, nutritious and sustainable plant-based protein foods by 2030. Subject to customary conditions, the transaction is expected to close in Q4 2021.