Under the terms of the transaction, Tate & Lyle has acquired certain assets, including intellectual property assets, and assumed selected liabilities from Nutriati.
This is the latest deal from Tate & Lyle who last month signed an agreement to acquire Chinese prebiotic dietary fibre business Quantum Hi-Tech (Guangdong) Biological in a deal worth $237m USD (£180.4m). In the same month is also announced it had completed the sale of a controlling stake in Priment to KPS Capital partners retaining a 49.9%.
Nutriati, which is a developer and producer of plant-based protein, launched its responsibly-produced chickpea ingredients in 2018. Both the Artesa Chickpea Protein and Artesa Chickpea Flour can be found in leading non-dairy, plant-based meat and gluten free brands, mainly in North America
This transaction builds on the distribution agreement previously signed between the two companies, which saw an exclusive five-year partnership for Tate & Lyle to distribute high quality, sustainable chickpea protein and flour.
Nick Hampton, chief executive of Tate & Lyle, said: “Tate & Lyle is committed to breakthrough, innovative and sustainable plant-based solutions. This acquisition complements our existing ingredient portfolio perfectly and supports our purpose pillars of supporting healthy living and caring for our planet.
"We look forward to fully maximising the strong functional benefits of these plant-based, chickpea derived products and offering an even wider range of fortification solutions to our customers."
Michael Todd, chief executive of Nutriati, added: “Since establishing Nutriati, we have worked to solve taste, nutrition, functionality and sustainability challenges for the plant-based and gluten free markets. With a global reach and strong focus on health and wellbeing, Tate & Lyle is very well positioned to develop this offering and I wish them all the best for the future.”