Business
Organto to Acquire the New Fruit Group
Expands Sourcing and Supply Capabilities for Key European Markets VANCOUVER, BC and BREDA, th...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto to Acquire the New Fruit GroupExpands Sourcing and Supply Capabilities for Key European MarketsVANCOUVER, BC and BREDA, the NETHERLANDS / ACCESSWIRE / December 14, 2022 / Organto Foods Inc. (TSX-V:OGO, OTCQB:OGOFF, FSE:OGF) (\"Organto\" or \"the Company\"), a leading provider of organic and value-added organic fruit and vegetable products today announced that it has agreed to acquire 100% of the outstanding shares of NFG New Fruit Group GmbH (\"NFG\" or the \"New Fruit Group\") a private German corporation operating since 2019. Closing of the transaction is expected to be completed in early 2023 and is subject to a number of closing conditions including acceptance by the TSX Venture Exchange.Highlights:Complimentary product offering including core focus on organic and non-GMO banana, avocado and mango. NFG is a fully certified organic products supplier.Asset light business model aligned with Organto's operating platform.European sales focus with a strong existing retail customer base in Germany, Italy, France and Denmark.Global supply relationships with established grower partners in the Caribbean, South America and Africa.Leadership team with deep global organic fruit and vegetable experience.Expected sales of approx. €15 million (approx. CDN$20 million) in 2023 with positive EBITDA contribution.Opportunities to leverage Organto's infrastructure, broad product portfolio, and branded I AM Organic product and proprietary digital passport capabilities across an expanded platform.\"We are extremely excited to welcome the New Fruit Group team to Organto, and believe the combination of our businesses will leverage the unique capabilities of each organization as we pursue our mission of making organic fresh fruit and vegetable products available for every consumer, a mission we believe is good for both people and planet. We have known the leadership team of the New Fruit Group for some time, admire the platform that they have built in a relatively short period of time, and are thrilled to have them join the Organto family.\" commented Steve Bromley, Chair and Co-CEO of Organto and Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe BV. \"NFG will add significant size and scale to our business with their sales focus on important retails markets in Germany, Italy, France and Denmark. The complimentary componen...