- PlantX just acquitted a 53.5% stake at Eh Coffee and a 51% stake at Portfolio Coffee Inc.
- The acquisition marks PlantX’s addition of coffee to its line of over 5,000 plant-based products
- PlantX will push products from these two companies on its e-commerce platform and physical XMarket stores
PlantX Life (CSE: VEGA) (Frankfurt: WNT1) (OTCQB: PLTXF) just announced the acquisition of a majority equity interest in Eh Coffee Corp. and Portfolio Coffee Inc. for a share consideration of 913,320 PlantX shares and a cash consideration of $434,058.14. This leaves PlantX with a 53.5% and 51% stake at Eh Coffee and Portfolio, respectively. Additionally, the company now holds three out of five board seats at each company (https://ibn.fm/cBK7a).
Eh Coffee and Portfolio Coffee, founded by Jacob Fortier, Victor Nucci, and Andre Dalben, have made a name for themselves as entities that offer an industry-leading farm-to-cup coffee experience.
Eh Coffee, headquartered in Toronto, Ontario, sources specialty coffee beans from key family farms worldwide and custom roasts them in Canada. On the other hand, Portfolio distributes these specialty coffees featuring different flavor profiles, roasts, and regions. Its direct trade approach empowers local farmers, and its direct-to-consumer green, sustainable packaging reflects the company’s commitment to sustainability and environmental conservation.
PlantX has expressed its enthusiasm with these acquisitions. They present an opportunity for the company to grow its product line, which comprises over 5,000 plant-based products.
“We are delighted to welcome the Eh Coffee and Portfolio Coffee teams to the fold of the PlantX family. Coffee is perhaps the most widely accepted plant-based product- and a universal drink to start our days. We are beyond thrilled to join together our teams to launch the Portfolio Coffee offerings roasted right here in Canada for a farm to cup experience of premium specialty coffees on the PlantX website, XMarket stores and future cafes,” noted Lorne Rapkin, the Chief Executive Officer (“CEO”) of PlantX.
PlantX plans to sell products from these two companies on its online platform and its physical locations. Additionally, featuring the Portfolio brand at the XMarket Cafes will allow PlantX to offer same-day delivery within Tel Aviv, Toronto, Ottawa, Los Angeles, San Diego, and Vancouver. The company also plans to leverage its e-commerce knowledge and distribution experience to bring Portfolio’s e-commerce subscription to new heights.
Eh Coffee and Portfolio’s existing management teams will remain involved in day-to-day operations and the companies’ business going forward. The addition of the founders to PlantX’s top-level management adds to its human resource’s wealth of experience and industry know-how. Portfolio, alone, for instance, has an executive team with over 20 years of experience working with award-winning farms through the global coffee supply chain, roasting and retailing specialty coffees.
“We are very excited to join the PlantX team and bring the joys of coffee drinking and connoisseurship to XMarket stores and PlantX consumers. We believe that curated farm-to-cup specialty coffee from renowned crop growing regions is the sustainable path of the future for specialty coffee,” noted Eh Coffee and Portfolio founders collectively.
The purchase agreement for the Eh Coffee and Portfolio acquisition provides that PlantX will have the option to purchase up to all the remaining shares on the two companies over the course of three calendar years following the closing of the transaction. All the PlantX shares issued thus far and to be issued in connection to the transaction are expected to be, upon issuance, subject to a restrictive hold period of four months and one day.
PlantX hopes this new chapter of growth will add to its value, market reach, and overall brand equity. In addition, this move aligns with PlantX’s expansion strategy, particularly since the company also has plans to include cosmetics, clothing, and its own water brand.
NOTE TO INVESTORS: The latest news and updates relating to PLTXF are available in the company’s newsroom at https://ibn.fm/PLTXF
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