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April 19, 2021updated 11 May 2021 7:13pm

US firm McLovin’s Pet Food gets new owner

By Dean Best

US pet-food supplier McLovin’s Pet Food has agreed to a takeover bid from Caduceus Corp., a revamped NASDAQ-listed holding company looking to acquire “consumer goods businesses”.

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Wyoming-based Caduceus Corp. was known until recent weeks as Caduceus Software Systems Corp., a company that designed and developed healthcare software.

In a stock-exchange filing dated 29 January, Caduceus Software Systems Corp. said it had appointed investment banker Alex Chen as CEO and also announced “a fresh start” for the business “with new vision and new talent and energy”.

On 30 March, the now renamed Caduceus Corp. unveiled a new business strategy “focused on strategic consumer goods acquisitions”, with Chen adding: “We believe the new strategy and vision formulated for the company through our target acquisition profile will allow us to create sustainable growth and shareholder value.”

On the Caduceus Corp. website, the company lists criteria for acquisition targets that include "revenue and assets exceeding US$5m", "projected revenues of over $15m for 2021" and "recession- and market-proof industries".

Announcing the move for McLovin's Pet Food, Chen said: "Consumer goods is an important and growing sector, especially given the current times. Our proven access to capital creates opportunities to pursue attractive targets in [the] very profitable consumer goods space. We intend to complete this transaction shortly, following which we will announce further details on the operations and what we plan for 2021."

To pay for the company, Caduceus Corp. said it will issue 1.5bn restricted common shares to McLovin's shareholders at a deemed price of $0.075 per share in exchange for the business, as well as a lump sum of US$500,000. More details on the transaction, including operations will be disclosed when the deal is finalised, Caduceus Corp. said.

According to the McLovin's Pet Food website, the company makes freeze-dried, raw, pet food, containing either beef, chicken or salmon.

David Ji, the company's CEO, said: "We pride ourselves on the great level of quality behind our manufacturing process and more importantly the fact that McLovin's sourcing is held to the highest standards of ethics and safety. The McLovin's products are made in USA and Canada and we believe this is a competitive advantage for us."

just-food has asked Caduceus Corp. for further comment.

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How is technology having an impact on Consumer buying behavior?

As the world rapidly becomes more connected, it is important for brands to understand the impact that improved technology is having on consumer purchasing behaviors. To react effectively, brands must know how to engage with increasingly digitally savvy consumers. GlobalData’s latest Trend Tracker report provides an analysis of Digital Lifestyles – one of GlobalData's top consumer trends for 2022. The report includes an overview of how digital lifestyles are evolving, including the significant impact that the COVID-19 pandemic had on accelerating digitalization, and how this trend is emerging across different Consumer sectors. Key features included in the report:
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  • Insights into consumer online penetration, preferred electronic devices and engagement
  • The key drivers and challenges impacting the digital lifestyles trend
  • A spotlight on key innovations set to reshape the consumer landscape
  • Analysis of what’s next for digital innovations and how brands can leverage the trend
Download this report to keep in touch with the more digital consumer.
by GlobalData
Enter your details here to receive your free Report.

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