There has yet to be a successful bid for Merit Functional Foods nine months after the plant protein company, with its processing plant in Winnipeg, Manitoba, entered receivership. Merit’s receiver — PwC — filed a court update on Nov. 14 acknowledging the sales process launched in March had not resulted in any purchase agreement. The… Read More
Tag: Merit Functional Foods
Merit Functional Foods has entered receivership while owing approximately $95 million to its two main creditors — Export Development Canada (EDC) and Farm Credit Canada (FCC), according to court documents. A judge on Manitoba’s Court of King’s Bench appointed PwC as the receiver for the Winnipeg-based plant protein processing company on March 1. According to… Read More
Update: Merit Functional Foods was placed in receivership on March 1. Read more here. Creditors for Merit Functional Foods are asking the Court of King’s Bench in Manitoba to appoint a receiver for the plant protein processing company. Export Development Canada and Farm Credit Canada have filed an application for the appointment of a receiver,… Read More
Protein Industries Canada (PIC) announced a co-investment into pea, canola, and blended pea-canola protein ingredients in new plant-based products. Merit Functional Foods, TWC Nutrition, Daiya Foods, and Grand River Foods are partnering to product the new plant-based products, which could include alternative meat products, alternative dairy products, or other beverages. “Adding value to our crops… Read More
Merit Functional Foods has started commissioning its $150 million pea and canola protein facility at Winnipeg, Man. Construction on the 94-thousand square foot plant on the west side of the city started in the fall of 2019. “This is a momentous step for us,” says Merit’s co-CEO Ryan Bracken, highlighting the completion of construction in… Read More
Bunge Limited is investing C$30 million in a plant-based protein production facility that’s under construction in Winnipeg, Manitoba. The multinational agribusiness is acquiring a minority stake in Merit Functional Foods, which is slated to begin producing novel pea and canola protein ingredients for human consumption at its new plant by December of this year. “We’re… Read More
Prime Minister Justin Trudeau announced $90 million in government financing — mostly loans — for the Merit Functional Foods plant protein facility that’s being built at Winnipeg, Man. as part of his morning address on Monday (June 22). Merit Functional Foods is building a commercial-scale protein extraction plant that will process peas and canola into… Read More