PlantX Life closes its acquisition of US-based bodega New Deli

PlantX Life Inc (CSE:VEGA) (OTCQB:PLXTF) (FRA:WNT1) said it has completed its previously-announced cash-and-stock acquisition of Matthew Kenney Cuisine Global LLC’s Plant-Based Deli LLC, also known as New Deli.

The final purchase price of US$1,569,999 consisted of US$470,999.70 in cash and 2,515,983 PlantX Life common shares.

“The brand awareness of the New Deli name will provide an exciting fusion for PlantX as the brick-and-mortar presence is built and linked with e-commerce,” PlantX CEO Julia Frank said in a statement.   

READ: PlantX Life is poised to become a major player in the plant-based lifestyle movement

“The company will seek to leverage MKC’s operational excellence while continuing to focus on e-commerce expansion to build a multi-faceted ecosystem for all things plant-based,” Frank added.

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.

PlantX noted previously 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.

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