Canadian natural food producer GreenSpace Brands has purchased US-based Galaxy Nutritional Foods for $17.8 million.
The deal means GreenSpace will acquire cheese alternative brand Go Veggie, one of the US’s biggest diary-free cheese producers.
Go Veggie distributes non-dairy cheeses to over 12,000 stores throughout the US.
The agreement represents the Canadian company’s first foray into the US market, and the deal should be completed in January 2018.
As a result of the agreement, Mill Road Capital will become the largest shareholder in GreenSpace, in order to help support GreenSpace with its expansion.
“We couldn’t be more excited to add Go Veggie to the GSB family of brands. With the acquisition of Go Veggie, we enter our most sought-after vertical, plant-based dairy alternatives.
Matthew von Teichman, CEO of GreenSpace said: “The addition of Go Veggie adds a profitable pre-existing US platform that will enable us to launch our most innovative and unique brands into the US under the expert leadership of one of the most respected people in the US natural food industry, Rick Antonelli, CEO of Go Veggie.
“This is truly a transformative acquisition for us. We will continue to develop their Canadian sales strategy through the leveraging of our current platform and strategically initiate our US development by leveraging their platform. It’s a win-win and the ideal way for us to get going in the US market.”
Rick Antonelli comments: “We’ve been watching GreenSpace for years and have admired the stable of brands they’ve been able to put together in such a short time.
“We feel that Go Veggie is a perfect addition to that roster of strong brands and with the potential synergies of our team selling their products, and their team selling our products, there’s a significant long-term upside for both.
“I can’t wait to start presenting GreenSpace’s unique and innovative products to the US market and Go Veggie’s existing retail partners.”
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