PlantX Life to buy US cold-pressed juice maker Little West in an all-stock deal

PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) announced that its wholly-owned PlantX Lifestyle USA Inc subsidiary has agreed to acquire privately-held Little West LLC, a cold-pressed juice maker based in California, in an all-stock transaction.

PlantX said it expects the acquisition to accelerate its strategic growth in the US market.

“This acquisition complements the PlantX overall offering of health-promoting plant-based beverages and provides an invaluable strategic opportunity to forward the company’s impact and growth,” PlantX Life founder Sean Dollinger said in a statement.  

READ: PlantX Life is the digital face of the growing plant-based community

“Little West’s eco-friendly commitment to health and wellbeing is fully aligned with the direction in which PlantX is growing, and we’re delighted to have them join our growing company,” Dollinger added.

Little West co-founder Cassandra Troy also commented, stating: “Our collaboration with PlantX brings a new and exciting opportunity for expansion across the US, into Canada, and beyond, growing what started as a tiny community to thrilling new heights.”  

Little West’s health and wellness products are distributed throughout California in well-known Fortune 500 company corporate headquarters, coffee shops, restaurants, grocery stores and hotels.

PlantX noted that it plans to strategically link its e-commerce presence with these varied brick-and-mortar channels to distribute Little West and PlantX products.

The company will issue 6,703,158 PlantX Life shares in quarterly installments over a 15-month period to pay for the acquisition. Additional shares will also be issued if performance milestones are met during each of Little West’s seven fiscal quarters immediately following the closing of the acquisition.

As well, PlantX or PlantX USA will pay US$385,000 in cash and issue a total of 602,531 PlantX shares to repay certain indebtedness and expenses of Little West.

The acquisition is expected to close in May.

Vancouver-based PlantX Life styles itself as the digital face of the plant-based community with a one-stop destination for all things plant-based, like an online shop and meal delivery services. The online shop houses over 5,000 vegan products, and its recently-added meal service delivers chef-created dishes straight to the doors of Western Canada. All in all, the company offers more than 10,000 plant-based products.

Contact Sean at [email protected]

Story by ProactiveInvestors