Eat Beyond Portfolio Company good natured® Announces Major Acquisition - 05/18/2021 9:00:00 AM
VANCOUVER, BC, May 18, 2021 /PRNewswire/ - 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."
