The acquisitions builds on the group’s portfolio of existing plant-based properties, including meat-alternatives brand Squeaky Bean and chilled pickles and ferments brand Vadasz.
Compleat aimed to use its brand experience and ‘reputation for category innovation’ to support Palace Culture’s growth and expansion by gaining national listings in major UK retailers.
Yvonne Adam, chief marketing officer at The Compleat Food Group, said: “Palace Culture was a natural choice to add to our portfolio of leading and distinctive brands that always bring something unique to the table, due to its high quality, exciting product offering and potential for growth.
“Plant-based cheese is a fast growing, but relatively untapped, market and there is plenty of consumer appetite for genuinely delicious vegan cheeses.
“We’re now looking forward to using our expertise and scale to introduce shoppers to Palace Culture’s unique range of incredibly tasty products that we know they will love, and we hope to able to announce additional listings shortly.”
Established in 2018 by founder Mirko Parmigiani, Palace Culture was born from an idea to create sustainable plant-based cheeses for his dairy intolerant son.
From farm stall to national listings
The business has since grown from a stall at Crystal Palace farmers’ market to now being stocked in premium independent shops and distributors, including Wholefoods and Abel & Cole.
Commenting on the acquisition, Parmigiani said: “Having seen how The Compleat Food Group has worked with the likes of Vadasz to retain its authenticity and incredible quality, we’re excited for the next chapter of Palace Culture’s evolution and to use The Compleat Food Group’s expertise to continue to innovate and introduce even more people to the world of plant-based vegan cheeses.”
Formed in 2021, The Compleat Food Group employs more than 3,500 people across 10 sites with an annual turnover of £0.7bn and is also home to Pork Farms, Wall’s Pastry, unearthed and Wrights.
Meanwhile, AG Barr – the drinks giant which owns brands such as Moma and Irn Bru – has added Rio Tropical to its portfolio for a cash sum of £12.3m.