Canadian natural food maker GreenSpace brands has acquired the 30% of shares it did not already own in snack business Central Roast.
The company said that the move means Central Roast will become a wholly-owned subsidiary of GreenSpace. The deal was completed pursuant to a mandatory secured purchase agreement inked when GreenSpace took its initial 70% stake in February this year.
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GreenSpace said that it paid CAD4.5m (US$3.4m) for the remaining 30% of Central Roast. An additional bonus of CAD0.8-1.5m is payable dependent upon the Central Roast business exceeding “certain revenue targets”, the company added.
“We are thrilled with the closing of the Central Roast acquisition. Central Roast has been an extremely successful acquisition for us as we continue to drive top line results and realise bottom line synergies through the integration process,” said Matthew von Teichman, the president and CEO of GreenSpace.
In order to finance the acquisition, the maker of Rolling Meadow Dairy and Life Choices revealed it has secured a new CAD7.5m three-year revolving senior secured asset based lending facility with The Toronto-Dominion Bank.
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