Business
Organto Aquires Assets of Zimbabwe Marketing Services
Expands Sourcing and Supply Capabilities in Key African Growing Regions VANCOUVER, BC an...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Aquires Assets of Zimbabwe Marketing ServicesExpands Sourcing and Supply Capabilities in Key African Growing RegionsVANCOUVER, BC and BREDA, the NETHERLANDS / ACCESSWIRE / November 24, 2021 / Organto Foods Inc. (TSXV:OGO)(OTC PINK:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), a leading provider of organic and value-added organic fruits and vegetables today announced that it has finalized definitive agreements to acquire the operating assets of ZMS B.V. (\"Zimbabwe Marketing Services\" or \"ZMS\") including customer and supplier relationships and certain trademark applications. ZMS is based in the Netherlands and serves a variety of European customers with non-GMO and organic raspberries, snow peas, sugar snaps and fine green beans sourced from a number of African-based growing regions. The transaction is subject to TSX Venture Exchange acceptance.Highlights:Strategic Alignment - asset light business acquired with established supply agreements and European go-to-market focus which aligns with Organto's business model and is expected to drive growth opportunities.Accretive Acquisition - expected to be immediately EBITDA accretive.Expansion of Sourcing and Supply in Key African Growing Regions - adds depth in existing product categories and extensive African sourcing and supply capabilities - a key growing region for future supply.Growth Platform - expected to drive increased selling opportunities in Europe and also South Africa and the Middle East plus I AM Organic branded product expansion opportunities leveraging Organto's digital passport technology.Multi-Channel Market Potential - products offer multiple go-to-market and consumption opportunities - at home, on-line, convenient and on-the-go and food service formatsZMS is based in the Netherlands and commenced operations in 2018. ZMS was initially founded by Rients van der Wal and Sander Barhoorn. Mr van der Wal is the current Co-CEO of Organto and Mr. Barhoorn is a senior member of Organto's European management team. ZMS works with a number of African-based suppliers and service providers to bring non-GMO and organic raspberries, snow peas, sugar snaps and fine green beans to the European market. The addition of ZMS's resources is expected to be central to Organto's plan to grow and diversify supply from key African growing regions.Under the terms of the acquisitio...