Fresh produce giant Del Monte has invested in the Canadian shakes firm Good Protein.
The Montreal-headquartered protein shakes business has raised C$128m ($89.9m) to support its “continued growth and expansion” a statement from private-equity firm and new investor SEMCAP said.
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SEMCAP’s Food & Nutrition investment branch led the investment, alongside backers including agricultural lender Farm Credit Canada and Del Monte.
Launched by Edward Lalonde in 2019, Good Protein positions itself as a producer of clean-label and dairy-free “all-in-one protein shakes”.
Its products are stocked in over 4,500 stores in Canada. The company also has “a strong and established direct-to-consumer e-commerce business”.
“This strategic partnership and capital infusion will support further Good Protein penetration within the Canadian market, the development of new products, and future geographic expansion”, SEMCAP’s statement said.
Lalonde and the rest of Good Protein’s management will continue to head up the company and retain “the majority of their existing ownership”, the statement read.
“This partnership with SEMCAP marks an exciting next chapter, bringing not only capital but deep retail expertise, valuable relationships and access to new markets and talent,” Lalonde said.
The business sells its drinks in packaged powders and bottled formats. According to its website, its products are available across Canada through retailers such as Metro, Cost Co, Bulk Barn and Sobeys, according to its website.
As well as protein shake powders and ready-made bottled drinks, the company also sells “clear protein” drinks mixes which contain pea protein and electrolytes.
Reflecting on the investment, Kate Storey, a partner at SEMCAP Food & Nutrition Protein said: “Protein shakes used to live in the gym and the supplement aisle. Good Protein moved them into the family grocery cart and made them accessible with a clean, nutrient dense, delicious product that people genuinely want to drink every day. That is exactly the kind of consumer shift we invest behind.
“Our job is to bring our experience, connections, and capital and keep Edward connected to people who can help him achieve his vision at scale.”
Just Drinks has approached Del Monte for comment on the investment.
SEMCAP’s past investments through its Food & Nutrition branch include Purely Elizabeth, which confectionery giant Ferrero Group acquired in August.
