- Boosh Plant-Based Brands (VEGI) has executed an asset purchase agreement to acquire the assets of Beanfields Inc.
- The addition of Beanfields will increase Boosh’s revenues to an estimated $14,500,000
- Beanfields and/or Boosh products will be available in more than 7,000 stores
- Boosh is a plant-based food company that sells plant based frozen meals to grocery outlets and independent grocery stores throughout Canada
- Shares in Boosh Plant-Based Brands (VEGI) opened trading at C$0.62
Boosh Plant-Based Brands (VEGI) has executed an asset purchase agreement to acquire the assets of Beanfields Inc.
Transaction highlights:
- Adding Beanfields to the Boosh family is expected to boost Boosh’s revenues to an estimated $14,500,000
- Beanfields and/or Boosh products will be available in more than 7,000 stores
- Post-acquisition Boosh has a conservative 27.1 million shares outstanding
- Significant growth potential beyond existing client base (primarily natural and organic grocery food chains)
- Transaction provides immediate cost savings
Jim Pakulis, Boosh CEO commented on the acquisition.
“This is one of the most significant acquisitions of my professional career, and I’ll continue to be looking for additional accretive candidates for Boosh.”
“The Beanfields Team did an incredible job building Beanfields into a top-five brand in the category. They led the category with innovation and built a truly differentiated brand. Now with Boosh’s resources, infrastructure and capabilities, we expect to help Beanfields grow to its next level,” he added.
“It’s truly an amazing opportunity to have one of the fastest-growing plant-based snack chips and onion rings in both Canada and the US,” states Connie Marples, founder, and president of Boosh.
“Beanfields’ packing design, as well as their product lines, are directly in line with our style and philosophy. Like Boosh, Beanfields provides fun, healthy, plant-based options for families to enjoy. We can’t wait to introduce Beanfields as part of the Boosh family at the Natural Products Expo West in Anaheim, from March 10th through the 12th.”
Boosh is performing an audit of Beanfields. In the event that the audited statements demonstrate a variance of 20 per cent or greater of the representations made concerning the company’s financial condition, Boosh may reverse the acquisition within 120 days of closing, which is currently expected to occur on Wednesday, February 16th.
Boosh is a plant-based food company that sells plant-based frozen meals to grocery outlets and independent grocery stores throughout Canada.
Shares in Boosh Plant-Based Brands (VEGI) opened trading at C$0.62.