- Simply Better Brands (SBBC) has signed a binding letter of intent (LOI) to acquire Jones Soda (JSDA)
- The company will purchase Jones for US$98,902,257 payable in SBBC shares
- The parties intend to finalize a definitive agreement on or before June 30, 2022
- Simply Better Brands offers a selection of plant-based and holistic wellness products
- Jones Soda markets and distributes premium craft beverages and cannabis-derived products
- Simply Better Brands (SBBC) is unchanged trading at $3.40 per share
- Jones Soda (JSDA) is up by 6.67 per cent trading at $0.48 per share
Simply Better Brands (SBBC) has signed a binding LOI to acquire Jones Soda (JSDA).
The company will purchase Jones for US$0.75 per share or US$98,902,257 payable in SBBC shares.
It expects the acquisition to increase shareholder value through operational synergies and accelerated sales growth in the categories of food and beverage, plant-based wellness, and health and beauty.
The LOI is subject to customary conditions, including shareholder approval and the finalization of a definitive agreement on or before June 30, 2022.
“Our growth model remains consistent: acquire and build emerging gen Z and millennial brands in the wellness space through category, channel and geographic expansion,” stated Kathy Casey, CEO of Simply Better Brands. “We see joining forces with Jones as an incredible fit due to a common wellness mission, consumer cohort, and leadership approach.”
“For Jones, this combination will deliver diversification to our core business,” added Mark Murray, CEO of Jones Soda. “We are bringing together not only strong consumer brands but also two strong management teams that we believe will deliver growth and operational synergies.”
Simply Better Brands leads an international omni-channel platform with diversified assets in plant-based and holistic wellness.
Jones Soda markets and distributes premium craft beverages under the Jones Soda and Lemoncocco brands. It also offers cannabis-derived food and beverages.
Simply Better Brands (SBBC) is unchanged trading at $3.40 per share as of 10:43 am EST.
Jones Soda (JSDA) is up by 6.67 per cent trading at $0.48 per share as of 10:27 am EST.
