Canadian plant-based meat firm The Better Butchers has agreed to a reverse takeover of Health Logic Interactive, with a goal of listing the business on the Canadian Securities Exchange.
Vancouver-based meat alternative maker The Better Butchers is looking to go public on the Canadian Securities Exchange.
It has signed a letter of intent to complete a reverse takeover of Health Logic Interactive, a TSX Venture Exchange-listed former health tech company that has had no significant operations since selling its primary subsidiary in 2021, but has been looking to acquire an active business.
As part of the transaction, Health Logic will acquire all issues and outstanding shares of The Better Butchers, in exchange for newly issued common stock in the former.
It’s expected to be carried out by a three-way amalgamation, and the newly formed entity will be called The Better Butchers Inc, with the plant-based meat business renamed The Better Butchers Corp (or a similar name determined by the firm).
“The Better Butchers was built on a simple belief: that plant-based protein should taste incredible, be genuinely clean, and not make compromises,” said The Better Butchers co-founder and CEO Mitchell Scott. “We’re excited to bring Health Logic’s shareholders and the Canadian capital markets along for what comes next in our business development.”
Public listing will lead to ‘more retail doors and product lines’
Scott founded The Better Butchers with Celeste Trujillo in 2022, selling premium, clean-label meat alternatives under the Forager’s Finest product line. Its plant-based mince comes in natural, Italian and chorizo flavours, and is made from a blend of oyster mushrooms and pea protein.
It delivers 15-21g of protein and up to 5g of fibre per 100g serving, and is free from gluten, major allergens, and synthetic colours or flavours.
“We’ve built something leaner, cleaner, and more deliberate,” Scott said in a LinkedIn post. “No compromises. Products that can genuinely compete on taste and texture.”
The range is available in around 250 retail locations across Canada, and has helped The Better Butchers achieve significant and growing revenue with expanding margins.
“A capital markets listing gives us the runway to grow – more retail doors, new product lines, and our longer-term ambition of building the alternative protein butcher shop of the future,” he added.
Scott was previously also the CEO of alternative protein investment firm Cult Food Science, which had agreed to acquire The Better Butchers in December 2024. But the deal appears to have fallen through, and Scott resigned from his position at Cult Food Science last year.
The Better Butchers to fundraise amid planned expansion into US and Europe
The reverse takeover of Health Logic will help The Better Butchers expand its portfolio and distribution. The deal is set to be completed by the end of October, and will see Health Logic delist from the TSX Venture Exchange.
Under the three-cornered amalgamation, Health Logic will incorporate a subsidiary called SubCo, shareholders of The Better Butchers will be issued one common share of Health Logic on a post-consolidation basis, and The Better Butchers will amalgamate with SubCo to form a wholly owned subsidiary of the newly formed company.
The plant-based meat company will complete a seed share private placement for gross proceeds of C$750,000, as well as concurrent financing of its stock for a sum of C$2-3M for general corporate and working capital purposes and to help advance its business. The Better Butchers will also acquire C$387,000 of debt owed to creditors of Health Logic.
“The proposed transaction represents a compelling opportunity for Health Logic’s shareholders to participate in the early growth trajectory of Better Butchers, a company well-positioned with product-market fit in the rapidly expanding alternative protein category,” said Health Logic CEO Harrison Ross.
The Better Butchers is now pursuing further retail expansion in Canada, and has plans to enter the US and Europe. It’s also conducting ongoing research into cultivated meat as part of its longer-term product development strategy.
Its deal with Health Logic is another instance of consolidation in the alternative protein category, where over 70 companies have either merged, been bought out or acquired, fallen into insolvency, or ceased trading since September 2024.
