All natural whole foods manufacturer Whole Living has entered into a Letter of Intent to acquire the remaining 77% of health company ForeverGreen International.
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The agreement calls for a stock-for-stock transaction whereby Whole Living would exchange approximately 4.24m restricted shares for the remaining share of ForeverGreen. Whole Living acquired a 23% interest in the company during the first quarter of 2006, and the acquisition is now expected to close by the end of the year by both companies.
Whole Living said it has embraced ForeverGreen’s business model upon its equity investment, and has worked together to streamline operations and reduce overhead. Its management anticipated that the pending transaction would result in further cost savings and increased profitability at ForeverGreen, which posted revenues exceeding US$14m in the first nine months of 2006
“Since the initial investment in ForeverGreen, our two companies have worked together to expand our product catalogue, distribution channels, global markets and product awareness,” said Whole Living president Ron Williams. “As we consolidate our operations, we will take full advantage of the synergies this transaction creates and capitalise on the markets each company has developed.”
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