- Feel Foods (FEEL) has signed a definitive agreement to acquire vegan cheese company Black Sheep Vegan Cheeze
- Black Sheep offers 10 vegan dairy substitute products in over 30 retail locations
- Feel Foods will issue 3,400,000 common shares, a cash payment of C$750,000 and up to an aggregate of C$500,000 in earn-out rewards for Black Sheep
- The company intends to finance and support Black Sheep’s North American expansion
- Feel Foods is an agri-food holdings company focused on plant-based foods
- Feel Foods (FEEL) is up by 14.75 per cent and is currently trading at $0.35 per share
Feel Foods (FEEL) has signed a definitive agreement to acquire vegan cheese company Black Sheep Vegan Cheeze.
Black Sheep was co-founded in 2017 by a vegan husband and wife team from Armstrong, British Columbia. It offers 10 vegan dairy substitute products in over 30 retail locations, including IGA, Nesters The Very Good Butchers, Pomme natural, Natures Fare and Vegan Supply.
Feel Foods will issue 3,400,000 common shares and a cash payment of C$750,000 for the acquisition. The company will also pay up to an aggregate of C$500,000 in net sales-based earn-out rewards.
The company intends to finance and support Black Sheep’s North American expansion while working with Black Sheep’s founders, James and Jenna Johnson, to develop additional products for the plant-based community.
The plant-based food market is expected to grow at a CAGR of 11.9 per cent to reach US$74.2 billion by 2027, according to Research and Markets.
David Greenway, Feel Foods’ CEO, stated,
“The acquisition of Black Sheep is exciting for the growing Feel Foods family as we continue to increase our footprint in plant-based foods, thereby reducing our ecological footprint on the planet. We look forward to working closely with Black Sheep and its founding team to expand and develop excellent new products and make them available to everybody looking to enjoy plant-based foods. We are on a mission to transform plant-based food, with no compromises on taste or quality while reducing global environmental impact.
Together, by shifting our collective approach to food, we can improve the health of our world, the lives of animals, and preserve valuable resources for generations to come.”
Feel Foods is an agri-food holdings company focused on plant-based foods.
Feel Foods (FEEL) is up by 14.75 per cent and is currently trading at $0.35 per share as of 12:47 pm ET.
