PlantX to Acquire Little West LLC to Accelerate Strategic Growth in the United States - 04/30/2021 9:02:00 AM
VANCOUVER, BC, April 30, 2021 /PRNewswire/ - PlantX Life Inc. (the "Company" or "PlantX") (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) is pleased to announce that the Company, through its wholly-owned subsidiary, PlantX Lifestyle USA Inc. ("PlantX USA"), has entered into a membership interest purchase agreement dated April 29, 2021 (the "Acquisition Agreement") to acquire all of the issued and outstanding limited liability membership interest of Little West LLC ("Little West") (the "Acquisition"). For further details about the Acquisition, please see "About the Acquisition".
PlantX to Acquire Little West LLC to Accelerate Strategic Growth in the United States (CNW Group/PlantX Life Inc.)
Little West is a privately owned, California-based cold-pressed juice company that offers a wide range of curated cold-pressed juices and products that emphasize health and wellness with a focus on locally sourced, high-quality, and fresh ingredients. Little West is the realized vision of Cassandra Troy and Andrew Walker, who launched the business in 2013 with the aim of inspiring healthier lifestyles for all and making the world a better, greener place. Little West management will continue on with PlantX as it continues to scale.
Little West products are distributed throughout California in well-known Fortune 500 company corporate headquarters, coffee shops, restaurants, grocery stores and hotels. Little West can also be found at craft services on the sets of hit TV shows such as NBC's "This Is US" and "Black-ish". Whole Foods Market features Little West products in all 64 of their Southern Pacific region stores in California, Arizona, and Nevada. PlantX plans to strategically link its e-commerce presence with these varied brick-and-mortar channels to distribute Little West and PlantX products.
"It is a dream come true to have found a partner that aligns with our values and core beliefs of making the highest quality products and inspiring healthier, plant-based lifestyles," said Little West Co-Founder, Cassandra Troy. "Our collaboration with PlantX brings a new and exciting opportunity for expansion across the US, into Canada, and beyond, growing what started as a tiny community to thrilling new heights. PlantX is known for being a trusted and convenient destination for all things plant-based, making them the perfect partner for the next chapter of Little West," Troy further stated.
Globally, there is a rising demand for cold-pressed juices among consumers. The cold-pressed juice category from forecast period 2019 to 2025 is projected between $6.0 billion to $6.3 billion and notably growing at a CAGR of 9.5% to 10.5%. This high growth plant-based category and the acquisition of Little West will provide an exciting opportunity to PlantX, and pave the way for the mainstream distribution of PlantX private label products through its e-commerce and brick-and-mortar platforms, therefore providing multiple possibilities for expansion.
Beyond sharing similar core values to promote health and wellness, PlantX is expecting to realize synergies from the Acquisition as a result of the mutual commitment and efforts toward environmental protection. PlantX has recently announced its investment in carbon-offsetting initiatives designed to promote its sustainability efforts. Similarly, Little West has been supporting planetary health through its partnership with EcoDrive, an international award-winning initiative designed to offset the carbon footprint of its partners through tree planting. Therefore, the Acquisition will help forward the Company's sustainability mission and create new opportunities for green initiatives.
"Little West cold-pressed juices are such a wholesome and exciting addition to the PlantX product range," said PlantX Founder, Sean Dollinger. "All the ingredients are picked by local farmers and carefully curated to ensure that each juice plays a role in fighting infection, reducing cholesterol and high blood pressure levels, lowering inflammation, as well as addressing various other health issues. This Acquisition complements the PlantX overall offering of health-promoting plant-based beverages and provides an invaluable strategic opportunity to forward the Company's impact and growth. Little West's eco-friendly commitment to health and wellbeing is fully aligned with the direction in which PlantX is growing, and we're delighted to have them join our growing company."
