Freshii signs $ 4.6 million deal for majority stake in online health and wellness retailer

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Toronto-based Fast Casual Freshii has signed an agreement to acquire a controlling stake in online health and wellness retailer Natura Market Ecommerce for US $ 4.6 million, the chain said Thursday.

As part of the deal, Freshii has agreed to acquire 60% of the outstanding shares of Natura Market, with the right to purchase the remainder until the first quarter of 2025. The transaction, which is expected to be funded by cash from Freshii, is expected to close during the channel’s fourth quarter.

The purchase is intended to expand Freshii’s “omnichannel” presence, the channel said. Freshii, which has 384 units in 14 countries, recently started selling nutritional supplements in its restaurants and through a retail website. Earlier this year, Freshii launched Apple Cider Vinegar Gummies as a nutritional supplement, with the intention of adding other packaged items.

“The introduction of Natura Market marks another important step in our omnichannel journey and allows Freshii to continue to diversify our offerings and channels to meet the needs of today’s health and wellness buyers,” Matthew Corrin, CEO and founder of Freshi, said in a statement. .

The activities of Freshii and Natura Market will be managed separately. But Freshii said he intends to use Natura’s sales data to help him “identify early-stage food and drink trends that can be used to inform innovation. Freshii catering and consumer packaged products “.

Natura Market was founded in 2016 and has achieved over $ 15.35 million in sales in the past 12 months. He has no debt.

The online retailer is valued at US $ 7.75 million. It promotes itself as a “one-stop food shopping experience” for consumers with dietary restrictions looking to “eat clean… easy and effortless”.

Freshii sales struggled during the pandemic, with downtown office workers in many cities continuing to work from home. Same-store sales remained nearly 30% below 2019 figures for the quarter ended June 28 and have closed more than 80 restaurants since July 2019.

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