- Plant & Co Brands (VEGN) has signed a binding acquisition agreement to acquire all Lettuce Love Café Plant-Based Quick Serve Restaurant locations
- Plant & Co will assume financial liabilities, estimated to be $372,000 at time of closing for 100 per cent ownership of Lettuce Love
- Plant & Co. Brands Ltd. is a modern health and wellness company curating plant-based foods
- Shares of Plant & Co. Brands Ltd (VEGN) opened trading at C$0.12
Plant & Co Brands (VEGN) has signed a binding acquisition agreement to acquire all Lettuce Love Café Plant-Based Quick Serve Restaurant locations.
Shawn Moniz, CEO of Plant & Co, commented on the news.
“It gives me great pleasure to welcome the Lettuce Love Café brand to Plant&Co’s growing portfolio of plant-based foods. Lettuce Love is a well known and established QSR whose primary business is serving delicious Plant-Based and Gluten free Meals. As we have done with all our acquisitions this year, it was important for us to identify a brand that was beyond the proof-of-concept stage, has significant growth potential and is operating profitably.”
“The acquisition of Lettuce Love is immediately accretive and non-dilutive to shareholders with no immediate out-of-pocket funding requirements. The addition of Lettuce Love’s two corporate restaurants increases our QSR footprint and will contribute to Plant&Co’s accelerating growth. Plant&Co has made significant headway this calendar year improving operations, increasing revenue, and decreasing overheads through our multi-branded shared resourcing model. Upon closing, this acquisition will be the second QSR transaction in 2022; which is aligned to our plans to delivering shareholder value through accretive M&A.
The company continues to focus on additional accretive M&A opportunities as we accelerate our presence in the QSR space as 2022 unfolds. We welcome the opportunity to work with talented and driven individuals that can benefit from Plant&Co’s team and resources to accelerate their brands and businesses. Lettuce Love is an emerging growth business, and Plant&Co is perfectly suited to help accelerate Lettuce Love’s growth and profitability,” he added.
Plant & Co and Lettuce Love Café have entered into a binding LOI that sets out the terms for the acquisition. The acquisition is expected to close by the end of August.
Plant & Co will assume financial liabilities, estimated to be $372,000 at time of closing for 100 per cent ownership of Lettuce Love.
Lettuce Love Cafe is forecasting revenue of $1,300,000 – $1,400,000 with a projected adjusted EBITDA of $60,000.
Plant & Co. Brands Ltd. is a modern health and wellness company curating plant-based foods.
Shares of Plant & Co. Brands Ltd (VEGN) opened trading at C$0.12.
