House Foods Group's US holding company agreed to buy all of Keystone Natural Holdings, a Pennsylvania maker of tofu and plant-based meat alternatives sold in the US and Canada. The enterprise value was $110 million, or about ¥15.2 billion. Keystone had 2021 sales of about $55 million. About Keystone Keystone Natural Holdings is based in Folcroft, Pennsylvania, was set up in 2016 and is led by president and chief executive Kenny Sung. It was losing money at the operating level, about $1.7 million in 2021, though its EBITDA was about $2.8 million. House bought it from Nature Soy Holdings and Keystone Capital. House's tofu business House has sold tofu in the US since 1983, first mainly to Asian American shoppers and later to a wider market. Soybeans are one of four growth areas in its business plan. With Keystone, House expected eight soybean production sites, including a planned plant in Kentucky, and it hoped to use Keystone to reach Europe as well.
