Comitis Capital Acquires The Tofoo Co., Ushering in an 'Era of Rapid Expansion'

The Tofoo Co., a prominent name in the UK's plant-based food sector, has been acquired by the German private equity firm Comitis Capital. This strategic move marks the beginning of what the Yorkshire-based company envisions as "an era of rapid expansion."

Since its inception in 2016, The Tofoo Co. has emerged as a leading force in the UK's alternative protein market, defying the diminishing demand for meat substitutes. Although tofu remains its flagship product, commanding a substantial 60 per cent share of the UK market, the company has broadened its portfolio to include other plant-based alternatives like tempeh and seitan.

While the specific terms of the acquisition, announced yesterday, remain under wraps, it is reported that Comitis Capital has secured a significant majority stake in The Tofoo Co., with the previous Japanese private investor stepping away.

Despite the change in ownership, The Tofoo Co.'s founders, David Knibbs and Lydia Smith, will retain their investment and continue to guide the company's growth both within the UK and in international markets.

Welcoming the deal, Smith described Comitis Capital as a "great fit" for the company's next chapter. "The Tofoo Co has plans to grow further, both with existing and new customers and channels, and needed a strong and proactive partner to help that growth journey," she said.

Meanwhile, Knibbs said the acquisition would allow the plant-based food company to "enter a new era of rapid expansion", adding that Comitis Capital's "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".

Nikolaus Bethlen, managing partner at Comitis Capital, said The Tofoo Co. was a "great addition" to the German private equity firm's portfolio, noting the brand's "strong holding in major retail" and contracts to supply meat alternatives to restaurant chains such as Wagamama.

"The Tofoo Co. has firmly established itself as a leader in the plant-based meat alternatives market with a strong brand image offering high-quality products," he said. "David Knibbs and Lydia Smith have built a remarkable enterprise that is ready for the next phase of growth".