Plant-based food manufacturer Atlantic Natural Foods (ANF) has terminated its agreement with Above Foods, which would have seen Above acquire ANF and take it toward a public environment.

Both parties have mutually agreed to the withdrawal following ANF’s three-year journey toward going public in partnership with Above Foods, ANF revealed in a press statement released on 18 December 2024.

ANF, which produces plant-based meat and seafood alternative brands Loma Linda, Neat and Tuno, said that factors such as the global impact of Covid-19, supply chain disruptions and rising food inflation played a key role in its decision. The shelf-stable food manufacturer will now transition back to private ownership following a strategic realignment that has seen the pending transaction terminated.

The two companies will ‘maintain collaborative ties,’ ANF confirmed, with ANF retaining shares in Above Foods, and Above retaining interest in ANF.

Doug Hines, chairman of ANF, said: “Operating in the industry's ever-changing landscape has not been without its challenges, but we remain steadfast in our commitment to resetting the standards for the years ahead. We are drawing on tried-and-true food preparation and supply methods that have withstood the test of time to meet the needs of our global consumers.”

He added: “This strategy allows us to reinstate our commitment to returning the company to its core principles, products and consumers while carrying out our mission of creating healthy food for the world in 2025 and beyond.”

Top image: © Loma Linda

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