PlantX Life Inc., through its wholly-owned subsidiary, PlantX Lifestyle USA Inc., has completed its transaction to acquire all of the issued and outstanding membership interests of MK Cuisine Global LLC’s Plant-Based Deli LLC for an aggregate purchase price of $1.57 million. The purchase price was satisfied by a combination of $470,999.70 in cash and 2,515,983 common shares in the authorized capital of the company. The consideration shares are subject to a 4-month statutory hold period in accordance with applicable Canadian securities laws.
New Deli is a sustainable and plant-based neighborhood bodega located in Venice Beach, California that offers retail goods that range from household supplies and personal hygiene products to frozen foods, pantry staples, snacks, beer and wine. As a result of the acquisition, all brick-and-mortar PlantX stores will be re-branded as New Deli by PlantX and will be operated in collaboration with the MKC team.
“The brand awareness of the New Deli name will provide an exciting fusion for PlantX as the brick-and-mortar presence is built and linked with e-commerce,” said PlantX CEO, Julia Frank. “The Company will seek to leverage MKC’s operational excellence while continuing to focus on e-commerce expansion to build a multi-faceted ecosystem for all things plant-based.”
“Finalizing the acquisition of New Deli brings us one step closer to realizing our vision for expansion,” said PlantX founder, Sean Dollinger. “We’re now ready to fully capitalize on each company’s operational expertise and combine our strengths to implement powerful growth strategies.”