Celeb-Backed Vegan Startup Stretches Portfolio with Takeover of Fellow Dairy-Free Cheese Producer

Californian plant-based food maker Misha’s Inc has acquired New York-based Vertage, a fellow vegan cheese producer, for an undisclosed sum.

In a bicoastal deal, cashew cheese maker Misha’s has extended its dairy-free portfolio to include sliced and shredded offerings through an acquisition of Vertage, which uses mushroom fermentation to produce Cheddar, Pepper Jack, and mozzarella.

Based in Los Angeles, Misha’s takeover seeks to leverage Vertage’s ongoing collaboration with Fresh Del Monte Produce, a distributor of fresh-cut fruits and vegetables. Running since May 2023, the partnership gives Vertage access to the latter’s production facility, tech, and distribution and transportation networks.

Through the acquisition – supported by investors including QVT Financial LP, Composite Capital Partners LLC, Gaingels, as well as Fresh Del Monte – Misha’s will now gain access to Fresh Del Monte’s infrastructure and logistics, which is managed by its Tricont Trucking and Logistics arm. The vegan brand will also expand its product lineup beyond its spreadable cheeses.

“By integrating Vertage’s expertise and leveraging Fresh Del Monte’s infrastructure, we’re not only scaling our operations but also evolving our product offerings to meet consumer demand,” said Misha’s co-founder and CEO Aaron Bullock. “The introduction of shredded cheeses and slices is just the beginning – we’re excited to unveil even more categories in 2025.”

An artisanal vegan cheese marriage

Misha’s was founded by Bullock and Aaron Miller in 2018, homing in on the clean-label trend with nut-based cheese spreads free from coconut or palm oil, soy, gluten, and even nutritional yeast. In 2021, the startup raised $3M in a seed funding round that included Marcy Ventures Partners (co-founded by Jay-Z) and NBA great Chris Paul (also known as CP3).

It currently has a six-strong lineup of cheeses, including Sari (featuring sundried tomatoes, roasted garlic and cilantro), Seven Point Five (jalapeño, habanero and strawberries), and Black Truffle (black truffle, shallots). They’re available in over 1,100 retail stores, including Walmart, Whole Foods Market, Kroger, and Erewhon.

Vertage, meanwhile, is the brainchild of award-winning chef Margaux Riccio, who set up the business after developing a dairy allergy as an adult. The artisanal brand uses traditional cheesemaking techniques and patent-pending fermentation processes to make products like sliceable mozzarella, Cheddar and Pepper Jack slices, and classic and Everything But the Bagel cream cheeses.

The cream cheeses and mozzarella are made from fermented cashews – but the latter also contains shiitake-mushroom-fermented pea protein, as do the potato- and coconut-based sliced cheeses.

Following the acquisition, Vertage CEO Tim Wildin will transition into the role of chief marketing officer at Misha’s, bringing his years of experience as brand director of Chipotle.

“Misha’s and Vertage share a mission to reimagine the future of food. This acquisition allows us to bring our innovations to more consumers while staying true to our commitment to taste, quality, and sustainability,” Wildin said.

“I’m thrilled to see Misha’s leverage our technology to expand the product line and redefine how delicious dairy-free cheese can be.”

Dairy-free cheese has it tough – but opportunities abound

The two companies are operating in a crowded category with a host of challenges – there’s no shortage of spreadable cashew cheese options in the US, and brands like Miyoko’s Creamery, Daiya, Climax Foods and Stockeld Dreamery are all using centuries-old fermentation processes to make vegan cheese.

Then there are the financials. Vegan cheese isn’t making a lot of Cheddar – it was one of the only four plant-based categories that witnessed a dip in sales stateside between 2021 and 2023, falling by 5.4%.

These products have also only penetrated 7% of American homes, with less than half (49%) buying them more than once in 2023 (down from 56% in 2020). Non-dairy alternatives’ dollar share in the overall cheese market has also remained constant at 1%.

Conventional cheese is a huge market, present in 97% of US households. But with at least 12% of Americans suffering lactose intolerance – and over 5% (15 million) having a milk or dairy allergy – there is a major opportunity for plant-based brands if they can meet taste expectations. And polling shows that 18% of US consumers are actively replacing animal-derived cheese with dairy-free versions.

The acquisition allows Misha’s and Vertage to consolidate their operations and streamline their supply chains, with the Fresh Del Monte deal enabling them to expand into new regions.

“This partnership reflects exactly why we opened our robust logistics network to other businesses,” said Ziad Nabulsi, senior VP of North American operations at Fresh Del Monte. “It enables other companies to leverage a well-established, efficient system to expand their footprint and reach a broader audience.”

Green Queen has contacted Vertage for further details on the deal and will update the story once we hear back.