-KH News Desk (cbdigital@imaws.org)
Wicked Kitchen, a prominent plant-based food brand, has completed an all-stock acquisition of Current Foods, a company specializing in plant-based raw seafood. The terms of the deal are not disclosed. The acquisition aligns with Wicked Kitchen’s strategic focus on the rapidly growing plant-based sector and reflects the industry’s need for consolidation.
Current Foods, previously known as Kuleana, has gained recognition for its plant-based seafood offerings, catering to food service and fine dining establishments in the United States and Europe. Notably, its plant-based tuna fillet received a prestigious FABI Award at the recent National Restaurant Association Show.
The plant-based seafood category is experiencing significant growth, as highlighted by analysts. Wicked Kitchen had previously acquired Good Catch, another plant-based seafood maker, to expand its presence in this expanding market. The acquisition of Current Foods further strengthens Wicked Kitchen’s position, providing access to an acclaimed brand and enhancing its offerings for both the food service and retail sectors.
Pete Speranza, CEO of Wicked Kitchen, expresses excitement about the acquisition, stating that Current Foods aligns perfectly with its global-impact brand and shares a mission to address the environmental impact on marine life. With this deal and the previous Good Catch acquisition, Wicked Kitchen aims to educate consumers about sustainability issues while expanding its market influence.
Founded in 2019, Current Foods utilizes ingredients such as pea protein, sunflower oil, bamboo fiber, and algae oil to create its plant-based products. These offerings are currently available at various restaurants across the country, including Chef Guy Vaknin’s City Roots Hospitality in New York City and Blue Sushi Sake Grill. Additionally, a smoked salmon product from Current Foods is sold in select retail stores.
The company has received support from notable investors like Greatpoint Ventures, Union Grove, and Astantor Ventures, as well as NBA athlete Chris Paul. Current Foods has been at the forefront of the plant-based seafood sector, even setting a world record for serving the largest plant-based ceviche.
Wicked Kitchen has been rapidly expanding its presence as a leading plant-based brand in the United States and Europe. Their products are currently available at 90,000 distribution points, with over 40 different offerings in the U.S. and more than 150 products in the U.K. Apart from the Wicked Kitchen brand, they also own the Good Catch seafood brand, which focuses on cooked seafood analogs.
As the plant-based meat sector faces sales slowdowns and brand closures, industry analysts have predicted increased consolidation. Wicked Kitchen’s acquisition of Current Foods aligns with this trend, allowing them to solidify their position in the competitive plant-based market.
The acquisition brings a fresh dimension to Wicked Kitchen’s portfolio. While Good Catch offers cooked seafood analogs, Current Foods provides a distinct range of products that won’t compete directly, opening opportunities for different food service channels and retail segments.
According to Datassential statistics presented by the Plant-Based Foods Association, plant-based seafood sales experienced a 40% year-over-year increase in 2022. This indicates continued growth potential for the segment. With Current Foods’ recent recognition at the NRA Show, Wicked Kitchen’s acquisition is timely, positioning them to capitalize on the growing interest in plant-based seafood.
