Natural products manufacturer, distributor and retailer Planet Organic Health has signed a definitive Letter of Intent to acquire 100% of US natural products retailer Mrs Green’s Natural Market, in a deal that the retailer hopes will act as a platform for future expansion into the US.
Planet Organic said that the deal was a cash purchase but declined to disclose the price it paid for Mrs Green’s which is one of the leading natural and organic food retailers in the Northeastern US.
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Mrs Green’s generated revenues US$38.13m and EBITDA of $4.79m in fiscal 2006.
The company operates 11 stores located in the New York/Connecticut area. The chain’s founders Harold and June Hochberger will be staying on to assist Planet Organic in its US growth plans, Planet Organic said.
“This merger marks a new era for Planet Organic,” said Planet Organic chief financial officer Darren Krissie. “We have made several retail acquisitions in our history and Mrs Green’s will be our largest acquisition to date, which gives Planet Organic an excellent platform to continue with further US expansion. We are particularly excited to gain many talented team members who will provide valuable expertise and experience in achieving future growth.”
