Bunge Invests $30M, Partners with Merit on Canola and Pea Protein Production
Merit Functional Foods and Bunge have announced a new partnership that will expedite the construction of Merit’s state-of-the-art canola and pea protein production facility in Manitoba, Canada.
Through the deal Bunge has made a $30 million investment in exchange for a minority stake in Merit that is on pace to begin producing high quality pea and canola protein for human consumption at its new one-of-a-kind commercial scale facility by the end of this year.
Merit has been busy this year laying the groundwork prior to its facility going online. In February the company partnered with Nestlé to develop and commercialize Merit’s plant-based protein ingredients for use in Nestlé’s product lines.
A few months later, in May, Merit secured $85 million in funding from a consortium of backers including Export Development Canada, Farm Credit Canada, and the Canadian Imperial Bank of Commerce.
With Bunge as a new partner, Merit says that it will be able to leverage Bunge’s “deep knowledge of international markets, which will help reinforce our canola business with customers globally.”