Above Food Ingredients Inc., a vertically integrated plant-based ingredient producer, has entered into a definitive purchase agreement to acquire The Redwood Group, LLC's Montana-based Specialty Crop Food Ingredient Division for USD 34 million plus working capital. The acquisition includes USD 8.1 million in cash and 5.6 million newly issued common shares of Above Food, subject to final closing adjustments.

The Redwood Group, founded in 2010, is a diversified commodities company specializing in customized supply chain solutions, including the supply of food and feed ingredients, energy and energy inputs, and grain merchandising. 

The acquired assets supply high-quality grains, pulses, and specialty crops to customers in over 35 countries, focusing on human and pet food markets. Notably, this acquisition expands Above Food's international footprint with its first US-based sourcing, manufacturing, and distribution facilities.

Analyst QuickTake: This development follows Above Food’s recent acquisition of Brotalia, S.L., a Spanish company specializing in innovative food technologies. In 2021, the company acquired Atlantic Natural Foods , Only Oats, and Culchered to expand its capabilities and build a vertically integrated supply chain platform. Moreover, Above Food was recently listed on NASDAQ through a business combination agreement with special-purpose acquisition company Bite Acquisition Corp.