Vejii Holdings Ltd., a North American online marketplace for plant-based and sustainable products, announced that it has signed a non-binding Letter of Intent with Frozenly Limited Inc., contemplating the acquisition by Vejii of all of Frozenly’s issued and outstanding shares from the shareholders of Frozenly. According to a company statement, if completed, the proposed acquisition will expand Vejii’s footprint into the UK, achieving a key milestone for the company.
Frozenly owns and operates MightyPlants.com, an e-commerce platform and marketplace that provides D2C logistics and delivery for plant-based foods across the UK. Frozenly has already established distribution in the UK market and formed relationships with top domestic and international brands. Similar to Vejii’s fulfilment model, Frozenly acts as an agent for brands, providing D2C order fulfilment services and sample distribution through its inventory consignment model.
The UK represents one of the strongest global markets for the plant-based foods industry. In a report by Mintel, sales of meat-free products in the UK saw a 40% growth rate from approximately GBP582m in 2014 to approximately GBP816m in 2019; and are expected to be in excess of GBP1.1bn by 2024. The UK plant-based milk alternatives market was valued at GBP260m in 2019 and is expected to increase by more than double by 2025 to approximately GBP565m.