Mach One Corporation has closed the acquisition of Ceres Organic Harvest, an organic ingredients company.
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Mach One acquired 100% of Ceres for a totsl consideration of US$8m – 50% of the purchase price was paid in common stock of Mach One, with the remaining 50% paid in the form of preferred convertible voting securities.
“Mach One offers a good platform for further growth in the sustainable food and grain sector along with an expansion of our offerings and supply lines into the organic feed industry,” Britt Eustis, CEO of Ceres, said.
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By GlobalDataCeres reported 2008 revenues of around $20m. The business will continue operations as a subsidiary of Mach One.
Last month, Mach One sealed the acquisition of hamburger and frankfurter manufacturer Pacific Rim.
