The Tofoo Co acquired by investment firm

With a 60% share of the UK tofu market, the Yorkshire business is growing at 19% year-on-year and produces the best-selling SKU in the category.

Following the acquisition, managing director David Knibbs and executive director Lydia Smith will remain invested in the business and continue to steer the company’s growth in the UK and international markets.

Knibbs and Smith first acquired the business in 2016 and have developed its range to offer several tofu varieties, as well as other plant-based meat alternatives such as tempeh and seitan.

With a strong holding across several multiple retailers, the company is expanding its foodservice channel with restaurant chains such as Wagamama.

Commenting on the deal, Knibbs said: “We chose Comitis as our partner to enter a new era of rapid expansion. Their deep understanding of our business model and entrepreneurial thinking has left us convinced that they are the right choice to bring The Tofoo Co. to the next level. Their value-based investment approach aligns perfectly with our vision, and we see significant opportunities for The Tofoo Co. ahead.”​

“The Tofoo Co has plans to grow further, both with existing & new customers and channels, and needed a strong and proactive partner to help that growth journey. Comitis are a great fit as that partner for this next chapter of Tofoo Co.’s growth journey,”​ added Smith.

‘Established leader in plant-based market’

Meanwhile, Comitis managing partner Nikolaus Bethlen said that The Tofoo Co was now “firmly established”​ as a leader in the plant-based meat alternatives market.

“[It has] a strong brand image offering high-quality products,”​ Bethlen continued.

“David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth. The Tofoo Co. represents a great addition to our portfolio, covering the thriving plant-based food market.”​

Finally, Felix Jauch, investment associate at Comitis, described Knibbs and Smith as “visionary entrepreneurs”.​

Jauch concluded: “Together, we share a unified vision of propelling The Tofoo Co. into a leading position in the international plant-based meat alternatives market. With our investment, expertise, and extensive network, we are committed to fuelling the company’s dynamic expansion plan.”​

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