MustGrow Biologics Corp. (TSX-V:MGRO, OTCQB:MGROF) said it has closed the acquisition of crop nutrition company NexusBioAg assets from Univar Solutions Canada Ltd.
The acquisition provides MustGrow with a Canadian sales, marketing, and distribution division, with plans to expand operations into the United States.
NexusBioAg’s product lines, along with MustGrow’s proprietary technologies and potentially other third-party products, will now be marketed and sold under MustGrow.
MustGrow said it anticipates significant synergies, including enhanced market access and reduced distribution costs.
"This synergistic acquisition solidifies MustGrow's position as a fully integrated biological and regenerative agriculture company with an established sales, marketing and distribution division offering the existing NexusBioAg product lines and supporting the commercialization of MustGrow's own innovative products and technologies,” said Corey Giasson, CEO of MustGrow.
“Just like MustGrow's own products and technologies, we are committed to growing the NexusBioAg division and we welcome the new team to MustGrow.”
The agreement includes a deferred cash payment of approximately $1.66 million, subject to adjustments, and earn-out payments tied to gross margins on specific products sold in 2025 and 2026.