Ok Bio Plastic fans I think we bough another company!! Not sure))))
Eat Beyond Portfolio Company good natured® Announces Major Acquisition
Tue, May 18, 2021, 9:00 AM<--- That's today
VANCOUVER, BC,May 18, 2021/CNW/ -
Eat Beyond Global Holdings Inc.(CSE: EATS) (OTCPK: EATBF) (FSE: 988) ("
Eat Beyond" or the "
Company"), an investment issuer focused on the global plant-based and alternative food sector, is announcing that its portfolio company
good natured®(TSXV: GDNP) has acquired the operating assets of
Ex-Tech Plastics Inc ("Ex-Tech"), for cash consideration of $14.1 million(USD). The deal is anticipated to close later in May.
Ex-Tech Plastics manufactures high-quality, rigid plastic sheets. Its stated mission is to create pathways to a greener future through the production of environmentally responsible materials. Founded in 1982, Ex-Tech has steadily grown to be a market leader in cost-effective customized plastic solutions for businesses.
"Following a strong financial first quarter, Eat Beyond is happy to see portfolio company
good natured®continue its positive momentum with this significant acquisition of a long-tenured plastics company based inIllinois," Eat Beyond CEOPatrick Morrissaid. "Ex-Tech offers six different material types, offering a key part of the value chain as businesses and consumers look for sustainable, environmentally friendly products and services."
good natured®offers nearly 400 different products and services. It is one of the largest North American suppliers of eco-conscious products made without petroleum and free from BPAs, phthalates, and other chemicals of concern.
Ex-Tech generated$25.8 million USD($33 millionCAD) in the 2020 fiscal year which will enablegood natured®to nearly double its revenue following the acquisition. At closing,
good natured®will gain$3.25 millionin working capital.
"This is the third acquisition by good natured®in the past year, which will add 105 business-to-business customers for good natured®, growing its tally to approximately 600 while providing cost synergies and opportunities to scale operations," Morris said. "Real estate gains will also increase total assets to nearly$10 million, as
good natured®gains an impressive midwestern market presence, not far from the third-largest city and seventh largest cargo airport in America."
Hummmmmmmm.
