Avril Group, a company in France specializing in agri-food, has recently obtained a controlling interest in Hari&Co, a local plant-based food manufacturer.
Emmanuel Brehier and Benoît Plisson, the Founders and Directors of Hari&Co, will remain associated with the company as shareholders holding minority stakes.
Eutopia and Triodos Investment Management, previous investors in the company known for its veggie burgers and meatball alternatives, have divested their shares in the firm.
Avril said it was “committed” to the development of plant protein and said the deal for Hari&Co “strengthens its position in mass consumption”.
Hari&Co distributes its products through the French retail channel, and according to an Avril spokesperson, the company has successfully established “over 5,000 sales points” with various retailers. Additionally, Hari&Co serves foodservice customers with its plant-based food offerings.
In addition to the French market, the vegan food maker also has a smaller presence in Italy, supplying more than 250 stores, the spokesperson said.
“This project is fully in line with our strategy. Following the acquisition of Vivien Paille last year, we are pursuing the development of French sectors and the promotion of legumes, from the farm to the table,” Avril CEO Jean-Philippe Puig said.
In the previous year, Avril acquired Soufflet Alimentaire, a France-based supplier of rice, legumes, and chickpeas, from its agribusiness counterpart, InVivo Group. Following the acquisition, Avril rebranded the business as Vivien Paille.
In October of the previous year, the prominent French poultry company, LDC, acquired Avril Group’s Ovoteam eggs business and the egg brand Matines.
In April 2021, Avril announced its intentions to divest its eggs and pork operations. The decision was driven by the company’s strategic shift and its desire to consolidate activities around four key areas: condiments and cooking oils, plant-based products for both humans and animals, ingredients, and energy.
Last year, Avril snapped up a majority stake in Italian firm Eccellenza Italiana, which sells products including condiments and olive oil in France.
