Boosh Plant-Based Brands Inc (CSE:VEGI, OTC:VGGIF) announced that it plans to acquire Pulse Kitchen Specialty Foods Ltd in a cash-and-stock deal for roughly $300,000 in cash and the issuance of 50,000 common shares.
The Vancouver, British Columbia-based company said it executed a share purchase agreement dated October 1, 2021, to buy all the shares of Pulse Kitchen.
“The aggregate purchase price for Pulse Kitchen is $300,000 in cash and the issuance of 50,000 common shares, payable as follows: $100,000 payable on the closing date, minus $10,000 deposit, 50,000 common shares of Boosh issued on the closing date, $100,000 payable six months from the date of closing and $100,000 twelve months from closing date,” it added.
READ: Boosh Plant-Based Brands readies for growth with expansion into US market
Pulse Kitchen products 100% plant-based gluten-free cheese, made from nuts, seeds, pulses and other fine ingredients. Cheese flavors include Sharp Cashew Cheddar, Almond Chevre, Dill Havarti, Almond Swiss, Vegan Pepper Jack, Cashew Kind of Blue and Smoky Cashew Cheddar.
The products are sold in 250 grocery stores in Canada including Whole Foods, Healthy Planet, Nature's Fare, IGA, Fresh St Market, Choices, Urban Fare, and Nesters. The production facility is in Penticton, British Columbia and was established in 2016.
"I think joining the Boosh family is a perfect fit for us. They strive to differentiate themselves in the plant-based sector, as do we. Our emphasis at Pulse Kitchen is to create deliciously flavoured plant-based cheeses with a focus on high quality and texture allowing us to enhance our consistency relating to balancing the levels of acidity and quality, resulting in a unique set of characteristics in terms of flavour, taste and texture," Chef Stephanos Liapis, the owner and founder of Pulse Kitchen said in a statement.
"Our products certainly take center stage on any charcuterie board and are equally enjoyed while snacking or adding to other dishes."
Boosh President and founder Connie Marples said she is “thrilled to welcome Stephanos, Brigitte and their team to Boosh.”
“Not only are they amazing people, and produce amazing cheese, but their products pair beautifully with our line of Vege pate and dips from our recently acquired business, Salt Spring Harvest,” added Marples. “Going forward Boosh will have an entire line of foods that pair naturally with wine, which happens to be a passion of mine. Having an earlier career in the food and beverage industry and owning a wine store and two wine bars, this is of special interest to me. To top it off, Penticton is my hometown where I spent most of my childhood. Having a production facility where a piece of my heart is, and the heart of the wine country adds to the cache of the Pulse Kitchen brand."
In the meantime, Boosh CEO Jim Pakulis noted that this is the rapidly growing company’s “third acquisition in less than nine months.”
“As we continue to execute on our business plan including our four-prong revenue stream model; organic growth, acquisition, US expansion and e-commerce, we continue to be in discussions with other plant-based acquisition candidates, who are looking for access to capital and a corporate infrastructure designed for growth," added Pakulis.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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