Business
Organto Completes Acquisition of Beeorganic BV
Expands Specialty Line of Fairtrade Organic Bananas VANCOUVER, BC and BREDA, the NETHERL...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Completes Acquisition of Beeorganic BVExpands Specialty Line of Fairtrade Organic BananasVANCOUVER, BC and BREDA, the NETHERLANDS / ACCESSWIRE / November 17, 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 and closed the acquisition of the outstanding shares of Beeorganic B.V. (\"Beeorganic\"), a privately held Dutch corporation.HighlightsStrategic Alignment - asset light business model and European go-to-market focus aligns with Organto and is expected to drive significant growth opportunities.Accretive Acquisition - expected to be immediately EBITDA accretive.Portfolio Expansion - expands product portfolio and adds significant depth in largest organic fruit category, diversifying existing product mix.Growth Platform - expected to drive significant customer and I AM Organic branded product expansion opportunities leveraging digital passport technology.Multi-Channel Market Potential - product offers multiple go-to-market and consumption opportunities - at home, on-line, convenient on-the-go and food service.Beeorganic is a year-round provider of fresh fairtrade organic bananas based in Den Hoorn, the Netherlands, with sales in the Netherlands, Belgium and France. The addition of Beeorganic adds significant depth to the Company's banana category with numerous growth opportunities in one of the largest fruit categories in the world.The business commenced operations in 2003 under the direction of Mr. Mike Reuselaars, who will join Organto and lead the Company's organic banana portfolio, leveraging Organto's existing resources and value-added marketing platform. Beeorganic market a differentiated product offering combining specific product size specifications with a unique ripening process to deliver great tasting products to its customers. Beeorganic operates an asset light business model with their products sourced primarily from strategic Caribbean-based grower partners.\"We are pleased to have closed this acquisition and welcome Mike and the Beeorganic team to Organto. Mike has successfully built the Beeorganic business over the years based upon strong values and operating principles, and we are honored to work with Mike and the team to gro...