NEWS
Above Food Announces Strategic Acquisition of The Redwood Group, LLC’s Specialty Crop Food Ingredients Division, Representing Significant U.S. Expansion
Above Food Ingredients Inc. (Nasdaq: ABVE) has announced a strategic acquisition of The Redwood Group, 's Specialty Crop Food Ingredients Division for US$34 million plus working capital. This accretive transaction involves a profitable operator that generated US$164 million in unaudited revenue in FY 2023. The acquisition expands Above Food's physical footprint internationally, adding its first U.S.-based sourcing, manufacturing, and distribution facilities.
The consideration includes US$8.1 million in cash and 5.6 million newly issued common shares of Above Food. The acquired assets supply high-quality grains, pulses, and specialty crops to customers in over 35 countries, focusing on high-growth product categories in both human and pet food markets. This aligns with Above Food's 'Seed-to-Fork' strategy and strengthens its position in the pet food category, which represents about 40% of the division's sales.
The consideration includes US$8.1 million in cash and 5.6 million newly issued common shares of Above Food. The acquired assets supply high-quality grains, pulses, and specialty crops to customers in over 35 countries, focusing on high-growth product categories in both human and pet food markets. This aligns with Above Food's 'Seed-to-Fork' strategy and strengthens its position in the pet food category, which represents about 40% of the division's sales.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
Read more
Comment
Sign in to post a comment
Spread kindness and love. Life is short. Don’t let greed eat you.
1184Followers
74Following
8341Visitors
Follow