Image: Alpertti Rieskjärvi / Yle

Food firm Paulig Group says that it is buying 51 percent of the Finnish-based startup company Gold&Green Foods which manufactures the vegetarian meat substitute pulled oats.

In a press release issued on Thursday Paulig said the new partnership will help the startup company meet high domestic demand for the increasingly popular product and said it plans to take Gold&Green's pulled oats to the international market.

Managing director of Gold&Green Foods Maija Itkonen said that current annual sales of pulled oats were some two million euros and that domestic demand for the product was 20 times that of their current capacity, according to Reuters news service.

"The astounding demand for our product has been a pleasant surprise." Itkonen said in the press release. "The partnership with Paulig provides us with the resources and competence to increase the production of pulled oats in Finland and abroad. We are both thrilled to create the prerequisites for this Finnish innovation to conquer the world," she said.

Gold&Green Foods' pulled oats is a meat alternative made from oats, broad beans and peas which contains nearly 30 percent protein. Paulig said that the product is able to "challenge meat products both in terms of nutritional value, texture, mouthfeel and flavour."

The companies said that after the acquisition, Gold&Green Foods would continue as an entrepreneur-driven and independent unit.

Among other things, various divisions of Paulig Group market coffee, foods and spice products, including brands like Paulig, Santa Maria and Risenta.

Paulig Group employs about 1,900 workers in 13 countries with net sales of 905 million euros in 2015.