The acquisition marks a big step in The Tofoo Co’s European growth strategy, with the business keen to expand its footprint beyond the UK while remaining focused on organic plant-based products.
Topas was founded by Sanni Ikola-Gaiser and Klaus Gaiser over 30 years ago and is best known for its Wheaty brand – a range of organic meat alternatives, such as plant-based sausages and deli slices, made from seitan (wheat gluten).
Based close to the German manufacturing hub of Stuttgart, Wheaty has built a strong following across the country through organic venders and, more recently, with major food retailers. It has also gained an established presence in the French organic market, Austria, Switzerland, and the Netherlands.
The Tofoo Co plans to accelerate growth of the Wheaty brand in its domestic market, as well as expanding its international distribution, including the UK.
The acquisition is a natural fit for the North Yorkshire-based Tofoo which already has seitan products in its portfolio; the move also sees the company bring in Topas’ larger manufacturing capabilities in ‘wheat meat’.
The investment also lays important foundations ahead of Tofoo’s planned launch into the German market this year, providing strong local roots through a trusted, high-quality branded manufacturing partner.
Sebastian von Eltz will take on the role of managing director at Topas, with current MDs Klaus Gaiser and Miikka Gaiser remaining closely involved in the business.
Klaus will focus fully on product development, while Miikka will continue to lead production and organisational matters.
“Finding the right home for the business was incredibly important to us,” Klaus said.
“The Tofoo Co and its shareholders align with our values, our commitment to organic quality, and our belief in doing things the right way. They are good stewards of the business and there are many obvious areas for collaboration, particularly in bringing better-for-you, natural products to more people across Germany and the UK. This feels like the right next step for the sustainable, long-term growth of Topas.”
David Knibbs, CEO of The Tofoo Co, added: “Wheaty has an exceptional heritage and reputation within organic plant-based products. We see huge potential to build on this strong base, grow the brand further across Europe and introduce exciting new opportunities in the UK. This partnership also gives us strong roots in Germany as we bring The Tofoo Co to the market.”
Topas will continue to operate from its Stuttgart base. It currently employs over 100 people, with a reported turnover of €14 million in its most recent financial year.
The transaction is expected to close later this month.
The Tofoo Co was advised by AC Christes & Partner (financial and tax) and Herbert Smith Freehills Kramer (legal).
