ETİ Gıda's C$201M TRUBAR Buy Signals Global Health Snack Consolidation

VANCOUVER, BC – November 24, 2025 – The global market for health-conscious snacks witnessed a significant tremor today as Turkish consumer products titan ETİ Gıda announced a definitive agreement to acquire TRUBAR Inc., a rising star in the North American plant-based protein space. The all-cash deal, valued at approximately C$201 million, represents more than just a lucrative exit for the Vancouver-based company; it signals a strategic masterstroke by an international powerhouse and highlights a powerful consolidation trend sweeping the "better-for-you" food sector.

The acquisition price of C$1.64 per share marks a 64% premium over TRUBAR’s last closing price, a figure that underscores the intense value legacy CPG firms now place on agile, health-focused brands. For industry observers, this move is a textbook example of how established players are buying, rather than building, their way into high-growth categories to meet rapidly evolving consumer demands.

A Turkish Giant's Strategic Leap into North America

For many in North America, ETİ Gıda may be an unfamiliar name, but it is a dominant force in its home market and beyond. Founded in 1962, ETİ has grown into one of Turkey's largest food producers, with 2024 revenues touching approximately $1.29 billion. With a vast portfolio spanning biscuits, cakes, and chocolates, the privately-held company has a long history of product innovation and operates seven production facilities in Turkey, plus a key European hub in Romania. Its products are already sold in over 60 countries, but the acquisition of TRUBAR marks its most aggressive and strategic entry into the coveted North American market.

This isn't merely a geographic expansion; it's a calculated portfolio diversification. ETİ is buying direct access to the booming plant-based protein segment, a market fueled by health-conscious millennials and Gen Z consumers. TRUBAR, with its clean-label ingredients and established distribution in over 15,000 North American retail outlets, provides an ideal, ready-made platform. Rather than spending years and immense capital building a brand and supply chain from scratch, ETİ has acquired a proven performer with significant growth potential. The move allows ETİ to immediately compete in a market where consumer preferences are rapidly shifting away from traditional, sugar-laden snacks toward functional, protein-rich alternatives.

The Value of 'Better-For-You': TRUBAR’s Premium Exit

The C$201 million valuation is a testament to the brand TRUBAR has built. In a fiercely competitive market, the company successfully differentiated itself by focusing on high-quality, plant-based protein with "clean, recognizable ingredients." This strategy resonated deeply with consumers, propelling the company to over $50 million in revenue in 2024, with projections to hit $100 million by 2026. The acquisition validates this approach and delivers substantial value to its shareholders, a point emphasized by TRUBAR's leadership.

Kingsley Ward, TRUBAR's Executive Chairman, commented in the announcement, "This proposed acquisition represents a significant milestone for our company and delivers on our commitment to creating strong value for shareholders. ETİ Gıda is an ideal acquirer for TRUBAR at this stage in the brand's development given ETİ Gıda's successful track record of scaling CPG brands over the last six decades."

This sentiment was echoed by TRUBAR's Chief Executive Officer, Erica Groussman. "We are very excited about the proposed acquisition of TRUBAR by ETİ Gıda and beginning a new chapter in our journey," she stated. "ETİ Gıda's deep CPG experience and resources will help us advance the growth of TRUBAR in North America and our expansion into international markets." The unanimous recommendation from TRUBAR's board and its special committee, backed by a fairness opinion, further solidifies the deal's strategic and financial logic.

Snack Wars: Consolidation in the Health-Conscious Aisle

The ETİ-TRUBAR deal is not happening in a vacuum. It is the latest chapter in a wider industry narrative of consolidation, a "Snack Wars Redux" where large, incumbent food corporations are snapping up smaller, innovative brands. This trend is driven by a fundamental market shift: consumers are demanding healthier options, and legacy CPG giants are often too slow to innovate internally. Acquiring nimble, on-trend companies like TRUBAR is a fast-track to relevance and growth.

Recent years have seen similar moves, such as the Ferrero Group acquiring protein bar maker Power Crunch and 1440 Foods purchasing the FitCrunch brand. These acquisitions demonstrate a clear pattern: the path to growth in the modern food industry often runs through M&A. By acquiring TRUBAR, ETİ not only gains a brand and its revenue but also its product development expertise, consumer insights, and an authentic connection to the health and wellness community—assets that are difficult and time-consuming to cultivate organically. This wave of consolidation is likely to continue, putting pressure on remaining independent brands to either scale rapidly or position themselves for a similar acquisition.

Navigating the Path Forward: Integration and Growth

With the transaction expected to close in the first quarter of 2026, pending shareholder and regulatory approvals, the focus now shifts to integration. The structure of the deal suggests that ETİ’s strategy is one of acceleration, not assimilation. The plan appears to be to pour ETİ's vast resources—including capital, supply chain expertise, and international market access—into the existing TRUBAR framework. This will likely involve scaling production, expanding TRUBAR's footprint across North America, and leveraging ETİ's global network to launch the brand in Europe and other markets.

Following the completion of the arrangement, TRUBAR's shares will be delisted from the TSX Venture Exchange as it becomes a private entity within the ETİ Gıda family. For the TRUBAR brand, this transition from a publicly-traded upstart to a division of a global CPG powerhouse marks the beginning of its next chapter. It's a move that promises to amplify its presence on store shelves worldwide, bringing its plant-based, better-for-you mission to a much larger audience. The acquisition serves as a powerful case study in how strategic partnerships are redefining the future of the global food and health landscape.