Atlantic Natural Foods Terminates Acquisition Agreement With Above Food

Atlantic Natural Foods (ANF) has decided to terminate an acquisition agreement with Above Food, a vertically integrated plant-based food company. The decision comes as a result of changes in the business landscape, including the impacts of COVID-19, supply chain disruptions, and rising food inflation. ANF plans to transition back to private ownership and focus on addressing these challenges under direct fiduciary oversight.

While the acquisition would have allowed Above Food to enter the plant-based seafood and shelf-stable sectors, ANF will no longer be part of their strategic acquisitions. Despite this, both companies will maintain collaborative ties, with ANF retaining shares in Above Foods and the latter retaining interest in ANF. ANF Chairman Doug Hines reaffirmed the company's commitment to providing healthy food for global consumers and expressed confidence in their strategy to meet the needs of consumers in 2025 and beyond.