Atlantic Natural Foods Ends Partnership with Above Foods

Atlantic Natural Foods to Focus on Private Ownership and Next-Gen Plant-Based Solutions

Atlantic Natural Foods, LLC (ANF), a leading shelf-stable plant-based food manufacturer known for its award-winning Loma Linda®, neat™, and TUNO™ brands, announced it has withdrawn from its pending transaction with Above Foods (ABVE) as of November 1, 2024. This decision follows a mutual agreement and strategic realignment based on a comprehensive assessment of the evolving business landscape.

After a three-year journey toward entering a public environment in partnership with Above Foods, ANF will transition back to private ownership, reaffirming its commitment to innovation and quality in plant-based solutions. The company cites global challenges such as the lasting impacts of COVID-19, supply chain disruptions, and rising food inflation as pivotal factors in its decision.

"The ever-changing landscape of our industry has presented challenges, but we are steadfast in resetting standards for the future," said Doug Hines, Chairman of ANF. "By leveraging time-tested food preparation and supply methods, we aim to meet the growing needs of our global consumers."

Strategic Transition Highlights

• ANF will resume direct fiduciary oversight, enabling a sharper focus on its core principles, products, and consumers.
• Despite the withdrawal, ANF and Above Foods will maintain collaborative ties, with ANF retaining shares in ABVE and Above Foods retaining interest in ANF.
• The company is poised to advance its mission of creating affordable, sustainable, and healthy plant-based foods for consumers worldwide.

This transition allows ANF to realign its resources to meet the challenges of today’s food industry while driving forward innovation in 2025 and beyond.

"Our mission is to create healthy food for the world," said Hines. "This strategy reflects our dedication to sustainable solutions that enhance lives globally."

About Atlantic Natural Foods

Headquartered in Nashville, N.C., Atlantic Natural Foods is a leader in shelf-stable plant-based foods, producing Loma Linda®, TUNO™, neat®, and Kaffree Roma™ brand products. With a mission to provide affordable, sustainable, and healthy plant-based protein, ANF supports healthier lifestyles for people worldwide. Operating its own manufacturing facility and a joint venture project in Thailand, ANF products are available throughout the U.S. and in 30 countries, including the U.K., EU, Korea, South Africa, and Australia.

For more information, visit www.atlanticnaturalfoods.com or follow on Facebook, Instagram, and Twitter.