Eat Well Group Closes Majority Stake Investment in Amara Organic Foods
Eat Well Group (CSE: EWG) (OTC: EWGFF) (FRA: 6BC0) announced the closing of its investment deal with Amara Organic Foods, originally announced on October 28, 2021. As a result, Eat Well now controls a majority ownership position in Amara, one of America’s fastest-growing baby food brands.
The deal saw Eat Well acquire a preferred equity position in PataFoods, dba Amara Organic Foods, including its option to acquire an additional 29% of the Amara shares at a USD $100 million valuation for a total acquisition price of USD $29 million.
Commenting on the company’s milestone deal, Eat Well President Marc Aneed stated:
The acquisition of a majority position in Amara Organic Foods will further reinforce Eat Well Group’s vertical integration strategy. Amara is sold throughout major North American retailers, including Whole Foods, Costco (NASDAQ: COST), Amazon (NASDAQ: AMZN), and Walmart (NYSE: WMT).
Amara Founder & CEO Jessica Sturzenegger also commented on the deal:
“We are proud of what Jessica and her team at Amara have accomplished to date and anticipate this investment will provide a material impact to our growth in 2022 and beyond,” added Aneed.
Eat Well shares closed trading today at $0.61, down -1.61% on the day. EWG stock is up +408.33% YTD and +662.5% over the past year.
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