Freshii acquires majority stake in online wellness retailer Natura Market
|CTVnews 14 Oct 2021 at 12:53|
Freshii Inc. says it has signed a deal to buy a majority stake in health and wellness product retailer Natura Market ECommerce Inc., with rights to acquire the rest of the business through the first quarter of 2025.
The Toronto-based company says it will pay $5.7 million plus potential performance incentives in return for the initial 60 per cent stake. It says the price for the remaining shares will be based on the company s earnings before interest, taxes, depreciation, and amortization for the relevant period.
Freshii, which operates restaurants and sells nutritional supplement products in-store and online, says the deal marks a milestone in its expansion into the e-commerce wellness market. Natura Market, which recorded over $19 million in sales over the last 12 months and has no debt, will be run as a standalone business unit with the company s founder, Shakhzod Khabibov, staying on as president.
Matthew Corrin, founder and CEO of Freshii, says Natura Market will make an immediate positive impact on Freshii s overall business.
"Natura Market is a rapidly growing, self-funded and founder-led online retailer with an aligned mission of making on-trend, healthy products available at scale across Canada," he said in a statement.
"The way people access health and wellness is evolving and the acquisition of Natura Market ensures that Freshii is well-positioned to meet the next generation of customers where they are."
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