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 in Illinois," Eat Beyond CEO Patrick Morris said. "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 million CAD) in the 2020 fiscal year which will enable good natured® to nearly double its revenue following the acquisition. At closing, good natured® will gain $3.25 million in 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."
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Learn more about good natured® here: https://goodnaturedproducts.com/pages/about-us
About Eat Beyond Global Holdings
Eat Beyond Global Holdings Inc. ("Eat Beyond") (CSE: EATS) (OTCPK: EATBF) (FSE: 988) is an investment issuer that makes it easy to invest in the future of food. Eat Beyond identifies and makes equity investments in global companies that are developing and commercializing innovative food tech as well as plant-based and alternative food products. Led by a team of food industry experts, Eat Beyond is the first issuer of its kind in Canada, providing retail investors with the unique opportunity to participate in the growth of a broad cross-section of opportunities in the alternative food sector, and access companies that are leading the charge toward a smarter, more secure food supply. Learn more: https://eatbeyondglobal.com/
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