the Bunge finances Merit functional food companies with $30 million.
ST. LOUIS — Bunge Ltd. has invested $30 million in Merit Functional Foods, granting the Canadian ingredient supplier a stake in the latter’s business.
The collaboration will hasten the development of Merit’s plant-based protein facility in Winnipeg, Manitoba, which will generate innovative canola and pea protein components. According to the firms, the plant is anticipated to be completely operational by December and will be the world’s first commercial-scale extraction facility that can produce food-grade canola protein.
As one of Canada’s biggest canola processors, Bunge will leverage its experience to provide Merit with essential inputs, according to Ryan Bracken, co-CEO of Merit Functional Foods.
Mr. Bracken stated, “We’re thrilled to have a worldwide partner like Bunge recognise our mission and help us in accelerating our plans and path to launch.” “Bunge’s extensive understanding of global commodity markets will further strengthen our canola business with customers around the world.”
Peazazz and Peazac pea protein, three types of Puratein canola protein, and MeritPro, a combination of pea and canola protein, are among the plant-based protein ingredients offered by Merit. Ninety percent of the ingredients are protein and are non-GMO.