Business
Labor Smart, Inc. Closes Acquisition of Illumination Holdings, Forging a Beverage and Snack Powerhouse
Labor Smart, Inc. Closes Acquisition of Illumination Holdings, Forging a Beverage and Snack Powerhouse.
About this update from Labor Smart Inc
[{"type":"text","content":"JACKSON, WY / ACCESSWIRE / August 15, 2024 / Labor Smart, Inc. (OTC PINK:LTNC) is pleased to announce the successful closing of its acquisition of Illumination Holdings, Inc. This strategic move marks a significant milestone in the expansion of LTNC's portfolio, enhancing its position as a leading entity in the beverage and snack industry.The acquisition, initially announced through a Letter of Intent on July 23, 2024, officially closed on August 13, 2024, integrating Illumination Holdings' extensive distribution network and brand portfolio into LTNC's operations. This network, which spans over 5,000 retail locations across Colorado, Southern Wyoming, and South Dakota, is projected to increase LTNC consolidated revenues by more than $25,000,000 on an annualized basis.Key Highlights of the Acquisition:Enhanced Distribution: Legacy Distribution Group, known for its robust Direct Store Delivery (DSD) operations with over 175 years of collective experience in the Colorado market.Brand Portfolio: The acquisition includes Legacy Distribution Group with exclusive distribution rights of notable brands like Aspen Pure Water, Xing Tea, Go Fast, Rap Snacks, and several dozen other recognized names.Licenses: LTNC has gained access to valuable Beer, Wine, Alcohol and Tobacco distribution licenses, broadening its market reach and operational capabilities.At the end of the June 2024 quarter, the unaudited balance sheet of Illumination Holdings, Inc. included total assets of $10.3 million and total liabilities of $17.6 million, of which $3.5 million is Long Term Lease Obligations and $7.1 million is Long Term Debt, which the company anticipates being paid in full by the end of the 4th quarter 2025 from cash flows.As part of the acquisition, Brad Wyatt, previously the Chief Executive Officer of Illumination Brands, Inc., has been appointed to the LTNC Board of Directors and will serve as Co-CEO alongside Tom Zarro, who continues as Chairman of the Board. Scott Darnell has also joined LTNC as Chief Strategy Officer and Board Member, bringing his strategic insights to the company.Brad Wyatt stated, "This merger is a testament to our shared vision for growth and innovation in the beverage and snack sector. I am thrilled about the opportunities this presents for both our existing brands and future ventures."Tom Zarro commented on the closu...