- PlantX Life (VEGA) subsidiary PlantX Midwest has acquired Peter Rubi, a plant-based marketplace based in Chicago
- PlantX paid US$1.2 million in cash and issued 9,188,897 shares to acquire the plant-based grocery brand
- Now that the acquisition is complete, PlantX plans to relaunch Peter Rubi’s Illinois retail locations under its XMarket brand
- PlantX has also announced a non-brokered private placement of up to $10 million
- PlantX Life is a digital based distribution company in North America
- Shares in PlantX Life Inc. (VEGA) are down 2.22 per cent, trading at $0.22 per share
PlantX Life (VEGA) subsidiary PlantX Midwest has acquired Peter Rubi, a plant-based marketplace based in Chicago.
The Peter Rubi brand is known for its plant-based grocery items, plant-based catering services, and delivery services from local vendors.
According to third-quarter financial results, Peter Rubi had a yearly revenue run-rate of over $7 million.
PlantX paid US$1.2 million in cash and issued 9,188,897 shares to acquire the plant-based grocery brand. The shares will be issued and delivered to vendors over an 18 month period, with the first shares issued on December 12, 2021.
Peter Rubi operates both an e-commerce platform and two brick-and-mortar stores in Illinois. Now that the acquisition is complete, PlantX plans to relaunch both retail locations under its XMarket brand.
PlantX will operate the stores in collaboration with Peter Rubi founders John and Maria Graves, who bring a wealth of experience in establishing a sustainable plant-based infrastructure in the United States.
The Illinois stores will also serve as new storage and fulfillment centers that will diversify PlantX’s distribution capabilities as it processes orders from its ecommerce site.
This will enable the company to serve ecommerce customers more efficiently across the Midwestern U.S. while driving online sales.
“We are extremely proud to welcome Peter Rubi into our growing PlantX family under the increasingly iconic XMarket brand,” said Sean Dollinger, founder of PlantX. “The new acquisition, alongside our ongoing partnership with Chicago Bears Quarterback Justin Fields, […] demonstrates PlantX’s unique approach to building a sustainable legacy in the US.”
In addition to the acquisition, PlantX has also announced a non-brokered private placement of up to $10 million in unsecured convertible debentures. The debentures will mature and be repayable 24 months from the date they are issued with a 12 per cent interest rate.
The company will use the proceeds from this offering for general working capital purposes.
PlantX Life is a digital-based distribution company with a fast-growing database serving customers across North America.
Shares in PlantX Life Inc. (VEGA) are down 2.22 per cent, trading at $0.22 per share as of 11:52 am EST.