ETİ Gıda Moves to Acquire Trubar in a $142M Deal as Plant-Based Snacking Consolidates

Courtesy: Trubar

Canadian plant-based snack maker Trubar is set to join one of Turkey’s largest food groups in a deal that underscores both the strength of the brand and the shifting landscape of the alternative protein market. The Vancouver-born company has agreed to be acquired by ETİ Gıda Sanayi ve Ticaret for approximately CAD 201 million (about $142 million), marking a significant exit for one of North America’s fastest-growing protein bar businesses.

Founded in 2019 by CEO Erica Groussman, Trubar built its reputation on clean-label, plant-based protein bars built for consumers who want convenience without compromising ingredients. What began as a bootstrapped venture quickly accelerated into a mainstream player, landing distribution across more than 15,000 stores and riding the broader wave of demand for high-protein, high-fibre snacks in the GLP-1 era. Its bars are free from dairy, soy, gluten, sugar alcohols, and seed oils, an increasingly important selling point in the US, where ingredients like seed oils have become cultural flashpoints.

Under the terms of the all-cash agreement, an affiliate of ETİ Gıda will purchase all outstanding common shares at CAD 1.64 each. The acquisition, pending shareholder and court approval, is expected to close in the first quarter of 2026. Upon completion, Trubar will be delisted from the TSX Venture Exchange and return to private ownership.

For Groussman, the deal is as much about scale as it is about alignment. “This acquisition opens a new chapter for us,” she said, reflecting on the brand’s rapid ascent and the opportunity to reach new markets. Trubar now sells more than 50 million bars annually, and with revenues surpassing $49 million in the first nine months of 2025, nearly matching its full-year performance in 2024, the company has been preparing for the next phase. It expects to reach $100 million in annual revenue by 2026.

ETİ Gıda brings six decades of experience in scaling consumer brands, with nine manufacturing facilities, 7,000 employees, 45 brands, and more than 300 product lines. In 2024, the group reported $1.3 billion in sales. For Trubar’s leadership and shareholders, that history of operational scale was central. “ETİ Gıda is an ideal acquirer at this stage in the brand’s development,” noted executive chairman Kingsley Ward, describing the move as a milestone that delivers strong value and a clear path to international growth.

A Category Shaped by Consolidation

Trubar’s sale lands amid a wave of consolidation across the broader alternative protein and better-for-you categories. More than 50 companies in the space have folded, merged, or been acquired in the last 14 months as the sector recalibrates after years of aggressive expansion. Julienne Bruno’s assets were acquired by The Complete Food Group, Miyoko’s Creamery was bought out of liquidation by Prosperity Organic Foods, and Stockeld Dreamery folded, with parts of the business sold to PlanetDairy. On the acquisition side, Orbillion Bio was taken over by Fork & Good, Vital Meat was acquired by Gourmey to form Parima, a new cross-species platform, and Happiness in Plants (H!P) joined Made Uncommon. These developments reflect a market in transition, where brands with strong consumer pull or distinctive technology continue to attract buyers, while others face mounting operational and financial pressures.

Against this backdrop, Trubar stands out as one of the category’s more prominent success stories, a label that managed to meet shifting dietary expectations with a scalable formulation, a strong brand identity, and widespread retail traction. Built on a base of tapioca fibre, cassava, brown rice protein, pea protein, and clean-label sugars and fats, the company’s bars resonated with consumers looking for allergen-friendly, seed-oil-free options. The product portfolio now includes 12 flavours and a kid-focused line, and its co-branded releases, such as the partnership with Universal’s Wicked, have helped translate nutrition into pop-culture relevance.

As Trubar prepares to transition under ETİ Gıda’s ownership, the acquisition signals confidence in the long-term future of better-for-you snacking, even as the broader category recalibrates. For the Canadian brand, it marks the beginning of a new phase rooted in expanded manufacturing capabilities, wider distribution, and the resources of a global partner ready to push the brand well beyond its North American base.