Clearly Canadian has acquired My Organic Baby, Canada’s first nationwide line of organic baby food.
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“My Organic Baby is an incredible opportunity and provides yet another vehicle for top-line revenue growth for Clearly Canadian,” Brent Lokash, Clearly Canadian president, said yesterday (24 May).
“Consumer spending on baby products has shown double-digit growth during the last five years and more consumers are making the change to organic, especially where their children are concerned. Nothing is more important for a baby’s positive development than healthy and nutritious food.”
Clearly Canadian said that it is already planning to introduce new product lines, including a range for toddlers under the brand My Organic Toddler. My Organic Baby’s founders, David Reingold and Orlee Muroff, will continue working on the brand and will oversee the launch.
My Organic Baby will also be rolled out in stores throughout the US, Clearly Canadian said.
In connection with the acquisition of My Organic Baby, Clearly Canadian will pay C$400,000 (US$369,580), transfer 615,000 restricted common shares of Clearly Canadian and 3,750,000 warrants to purchase the company’s common shares at a purchase price of US$4 per share.
