PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) has agreed to acquire, through its wholly-owned PlantX Lifestyle USA Inc subsidiary, Matthew Kenney Cuisine Global LLC’s California-based Plant-Based Deli LLC (New Deli) for a purchase price of about US$1.6 million.
New Deli, with its retail outlet located in Venice Beach, California, is a sustainable and plant-based neighborhood bodega offering retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer, and wine.
“This new acquisition strengthens PlantX’s position as a leading plant-based company, while facilitating the company’s physical and e-commerce expansion across North America,” PlantX Life CEO Julia Frank said in a statement.
“In addition to e-commerce, PlantX has always believed that an interactive one-stop-shop that consumers interested in plant-based living could visit, should be accessible throughout the United States and Canada – a void that New Deli by PlantX plans to fill,” Frank added.
PlantX noted that New Deli has experienced year-over-year sequential growth in revenue and profitability, including a 1.75 times increase in gross revenue based on 1Q 2021 annualized compared to year-end 2019.
Following the acquisition, the company said it plans to launch its newly-rebranded New Deli by PlantX brick-and-mortar stores globally, while continuing to focus on e-commerce expansion and growth through online operations across North America.
PlantX added that it plans to leverage the New Deli expertise merchandising wine and beer across the US by adding this new high-growth vertical on its US e-commerce platform by offering wine and beer selections to adults over the age of 21 years.
The US$1.6 million purchase price for New Deli will consist of US$470,999.70 in cash plus 2,515,983 PlantX common shares issued at C$0.53 per share.
The acquisition is expected to close before the end of 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.
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Story by ProactiveInvestors
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