Eat Well Investment Group Inc., (the “Company” or “Eat Well Group”) (CN:EWG) (US:EWGFF) (FRA:6BC0), a publicly-traded Investment Company,is pleased to announce its first quarter 2022 financial results.
Eat Well Investment Group Highlights
- The Company grew its assets 8.6% for the quarter from $59,627,414 at November 30, 2021 to $64,769,938 at February 28, 2022
- Improved cash position from $545,976 at November 30, 2021 to $5,552,018 at February 28, 2022
- Closed a $5,100,000 private placement in December 2021, and a $5,018,000 strategic investment from Nurture Healthy Food LLP based out of South America in February 2022
- Promoted Marc Aneed to CEO, with over 20 years’ experience from some of the world’s most renowned CPG brands including PepsiCo, Quaker Oats, Gatorade and more. Mr. Aneed has led many iconic consumer brands and enabled $1B in growth across dozens of product categories
Portfolio Company Highlights
- Belle Pulses recorded Q1 revenue of $12,809,752 for the three months ended January 31, 2022, compared to $13,594,271 for the same period in 2021; the 5.8% decline was primarily driven by the impact of COVID-19, supply chain disruptions and adverse weather conditions. Historically, Q1 represents Belle Pulses slowest quarter due to winter conditions
- Belle Pulses recorded record Q1 gross profit of $2,072,824 for the three months ended January 31, 2022, compared to $1,897,075 for the same period in 2021; the 9% increase was primarily driven by product mix favoring higher margin items on emerging products and pricing favourability on certain pea varieties
- Sapientia commercialized intellectual property less than six months after its acquisition, launching white label better-for-you plant-based twisted curls to over 300 Federated Co-op Stores across western Canada
- Majority-owned portfolio company, Amara Organic Foods (“Amara”), one of the fastest-growing baby food brands in America, is now available across Canada in Loblaws Inc. and select Sobeys and IGA locations, adding to an already robust eCommerce and brick and mortar distribution network
- Amara’s organic plant-based baby food launched on Walmart’s expansive eCommerce platform and nationwide across Walmart Canada
- Two new flavours of Amara’s organic plant-based baby food are now available at H-E-B, one of the largest independently owned food retailers in the United States
- Amara announced a partnership with leading Amazon digital merchandising agency, Avenue7Media, to focus on Amazon.com specific growth across its portfolio brands and products
“At a time when global/ macro trends have placed a tremendous importance on food production and alternative protein supply, our investments are not only proving to be timely but are contributors to global food security solutions,” commented Marc Aneed, the Company’s President & CEO. “With the majority of transaction costs behind us, we can now focus on attracting significant new capital partners, refinancing debt, and helping scale our portfolio companies,” continued Aneed.
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ABOUT EAT WELL GROUP
Eat Well Group is a publicly traded investment Company primarily focused on high-growth companies in the agribusiness, food tech, plant-based and ESG (Environmental, Social and Governance) sectors. Eat Well Group’s management team has an extensive record of sourcing, financing, and building successful companies across a broad range of industries and maintains a current investment mandate on the health/wellness industry. The team has financed and invested in early-stage venture companies for greater than 25 years, resulting in unparalleled access to deal flow and the ability to construct a portfolio of opportunistic investments intended to generate superior risk-adjusted returns.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.
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