- Plant&Co. Brands Ltd. (VEGN) signs a binding acquisition agreement for all Heal Wellness Plant-Based Quick Serve Restaurant locations
- Heal Wellness provides fresh and healthy, quick serve plant-based wellness food
- The companies will form a new joint venture company (JVCo) as a part of the agreement
- Plant&Co will issue to the JVCo common shares equal in value to $250,000 at time of closing for 50 per cent ownership of the JVCo
- Plant&Co has the option to acquire the remaining 50 per cent of the business
- Plant&Co. Brands Ltd. (VEGN) is down 3.57 per cent and is trading at $0.13 per share as of 1:03 p.m. ET
Plant&Co. Brands (VEGN) has signed an LOI for all Heal Wellness Plant-Based Quick Serve Restaurant Locations owned and operated by HEAL Lifestyle.
Heal Wellness provides fresh and healthy, quick-serve plant-based wellness food.
Plant&Co and HEAL Lifestyle Inc have entered into a binding agreement that sets out the essential terms for a joint venture by way of incorporation of a new company for the purposes of corporate expansion and growth.
Shawn Moniz, CEO of Plant&Co commented on the transaction.
“We have been watching the space in the last few months looking at various business opportunities. It was important for us to identify a brand that was beyond the proof-of-concept stage, that was revenue producing as well as being profitable in its own operations.”
The company looked for established brands that have an existing customer base and could benefit from the support of Plant&Co for accelerated growth utilizing its expertise to scale.
Plant&Co will issue to the soon to be formed joint venture company (JVCo) common shares equal in value to $250,000 at the time of closing for 50 per cent ownership of the JVCo.
The JVCo receiving the shares will be 50 per cent owned by Plant&Co and Heal Lifestyle will own the remaining half in exchange for its Heal Wellness business and business assets.
Plant&Co will have a majority board of directors’ ownership. It anticipates the closing of this agreement within the next 60 days.
Plant&Co has also obtained the option to acquire the remaining 50 per cent of the business.
Plant&Co. Brands Ltd. (VEGN) is down 3.57 per cent and is trading at $0.13 per share as of 1:03 p.m. ET.
