TRUBAR's Sweet Deal: Turkish Giant Buys Snack Maker for C$201M

VANCOUVER, BC – December 18, 2025 – In a landmark deal for the North American plant-based food sector, TRUBAR Inc. has agreed to a C$201 million all-cash acquisition by an affiliate of ETİ Gıda Sanayi ve Ticaret A.Ş., a leading Turkish consumer products conglomerate. The move signals a significant strategic entry for ETİ into the booming "better-for-you" snack market and offers a substantial premium to TRUBAR's securityholders.

The company announced today that it has mailed the management information circular for a special meeting of securityholders, scheduled for January 13, 2026. At the meeting, investors will vote on the proposed plan of arrangement that would see all outstanding common shares of TRUBAR acquired for C$1.64 per share.

A Premium Payout for a Plant-Based Pioneer

The C$1.64 per share offer represents a significant windfall for investors, marking a 64% premium over the last closing price of TRUBAR's common shares on the TSX Venture Exchange before the deal was announced. It also reflects a 102% premium to the stock's sixty-day volume-weighted average price, providing immediate and certain value in a volatile market.

This transaction, valued at approximately C$201 million, was unanimously recommended by a special committee of TRUBAR's board of directors. The board itself, with conflicted directors abstaining, also unanimously approved the arrangement, determining it to be fair to securityholders and in the best interest of the company.

To support its decision, the special committee engaged MNP LLP as an independent financial advisor. MNP provided a fairness opinion concluding that, from a financial point of view, the consideration to be received by securityholders is fair. The full opinion and background details have been included in the circular mailed to investors.

Adding to the deal's momentum, holders of approximately 16% of common shares, along with significant holders of warrants, options, and restricted share units, have already entered into voting and support agreements, pledging to vote in favor of the acquisition.

TRUBAR's Meteoric Rise and Financial Realities

The acquisition marks a pivotal chapter for TRUBAR, a company that has experienced a dramatic growth trajectory. After rebranding from Simply Better Brands Corp., the company focused intensely on its signature TRUBAR™ line of plant-based protein products. This strategy paid off handsomely on the top line, with revenues skyrocketing from approximately $10 million in 2022 to a forecasted $65 million to $70 million for the full 2025 fiscal year.

This explosive growth was fueled by an aggressive retail expansion strategy that placed its products in over 20,000 stores across North America, including major club stores and national retailers like Costco and Target, complemented by a strong direct-to-consumer e-commerce business. In its most recent quarter, TRUBAR reported record net revenue of $21.6 million, an 88% increase from the same period last year.

However, this rapid scaling came at a cost. Despite its impressive revenue figures, the company has struggled to achieve consistent profitability. In the twelve months leading up to the acquisition announcement, TRUBAR recorded a net loss of over $15 million. This financial reality makes the certain, all-cash C$201 million offer from ETİ particularly compelling, as it eliminates the inherent risks and capital demands of continuing to scale the business independently.

ETİ Gıda's Strategic Foray into North America

The acquirer, operating through a B.C.-based affiliate, is a subsidiary of ETİ Gıda, a privately-held Turkish food powerhouse founded in 1962. With annual revenues exceeding $1.3 billion and a workforce of over 7,000, ETİ is a dominant force in the Turkish snack market, known for a diverse portfolio of biscuits, chocolates, and cakes. The company exports to over 100 countries but has lacked a significant branded presence in the competitive North American market until now.

This acquisition is a clear strategic move to gain an immediate and substantial foothold in the continent's rapidly expanding healthy snacking category. Rather than building a brand from the ground up, ETİ is acquiring a company with an established product line, a proven distribution network, and strong brand recognition among health-conscious consumers. The deal provides ETİ with a turnkey platform to compete in a market segment where it previously had no presence.

Industry observers note that ETİ’s six decades of experience in scaling CPG brands and its vast operational resources are an ideal match for TRUBAR. The partnership is expected to accelerate TRUBAR's growth within North America while providing the financial muscle and global network needed to launch the brand into new international markets, fulfilling a key strategic goal for the Vancouver-based company.

Tapping into the 'Better-for-You' Gold Rush

The TRUBAR-ETİ deal is not happening in a vacuum. It is emblematic of a powerful trend across the global food industry: the consolidation of the "better-for-you" and plant-based sectors. As consumer preferences continue to shift towards healthier, cleaner, and more sustainable food options, large CPG conglomerates are increasingly looking to acquire innovative, high-growth brands to refresh their portfolios and capture new market share.

North America is the epicenter of this movement, representing the world's largest market for plant-based foods with an estimated value of over $20 billion in 2025. This market is projected to grow at a compound annual rate of over 12%, driven by a confluence of factors including rising health and wellness awareness, environmental concerns, and the mainstream adoption of flexitarian diets, particularly among younger consumers.

The acquisition of TRUBAR mirrors other high-profile deals in the space, where agile upstarts with popular protein-rich or plant-based products, such as RXBAR and Quest Nutrition, were snapped up by larger industry players. For giants like ETİ, such acquisitions are a fast-track to innovation and relevance in a rapidly changing consumer landscape.

Following the receipt of an interim court order on December 9, 2025, TRUBAR is now moving forward with the shareholder vote. The deadline for securityholders to submit their proxies is 10:00 a.m. (Toronto time) on Friday, January 9, 2026. Assuming the arrangement receives the necessary approvals from securityholders and the Supreme Court of British Columbia, the transaction is expected to close on or about January 19, 2026, at which point TRUBAR will be delisted from the TSX Venture Exchange and begin its next chapter as part of a global food enterprise.