GreenSpace Brands, a Canadian-based business that develops, markets and sells natural food brands has announced it is selling assets within the Nothing But Nature business relating to the Kiju brand of organic juice and iced tea to Zurban Beverages for $8 million.
The Kiju juice line is described as 100% juices that are premium, certified organic juice blends with no added sugar. Meanwhile the firm’s ice teas are “heavenly blends of health-promoting teas infused with fruits, flowers and just a hint of sweetness”.
The deal comprises an upfront cash consideration of $7.5 million, and a revenue based earn out of $500,000, Greenspace Brands. The Kiju branded business represents approximately 10% of the revenue of GreenSpace and the divestiture represents approximately 40% of the market cap of GreenSpace, it added.
“We’re thrilled to be selling the Kiju brand to Zurban, and we’re very proud of how we’ve strengthened and developed the Kiju brand over the last few years, particularly as it relates to the launch of Kiju Fit”, Said GreenSpace Brands CEO Matthew von Teichman. “The sale of Kiju, although bittersweet for us, is an important milestone in our evolution as a company”.
Source: Greenspace Brands (via PR NewsWire)