Wicked Kitchen, a UK-based plant-based meat developer, acquired California-based plant-based seafood manufacturer Current Foods (formerly Kuleana) in an all-stock transaction. The exact terms of the transaction were undisclosed.

Current Foods, founded in 2019, develops plant-based seafood products identical to conventional seafood using a combination of bamboo, potato, radish, tomato, algae, sunflower oil, and peas. The company planned to expand distribution in the short run and achieve a 50% seafood market share in the long term.

Through the acquisition, Wicked Kitchen aims to develop more sustainable seafood options, solidify its food service capabilities, and increase global opportunities, distribution channels, and consumer base.

Analyst QuickTake: This is the second acquisition by Wicked Kitchen in less than a year. In September 2022 , it acquired Good Catch’s North American channels from its parent Gathered Foods to expand its product portfolio and distribution channels.