Nutroganics has inked a letter of intent to acquire certain assets of soy yogurt brand Wholesoy for an undisclosed amount.
Wholesoy offers organic, non-gmo verified, soy yogurt to natural foods retailers such as Whole Foods and specialty grocers such as Fairway Market across the nation. It generates around $7m in revenues annually.
The acquisition, which is subject to several conditions, is expected to be accretive immediately on a revenue per share basis and, after a 120 day transition, would be accretive on an EBITDA per share basis.
Nutroganics CEO David Sackler said: "Wholesoy is a terrific brand in the natural foods industry, which would fit well within the Nutroganics portfolio.
"We look forward to working with Wholesoy's management as we strive to close the transaction."
Nutroganics, through its subsidiary, Silverbow Honey Company, produces, packages, and sells honey products. It sells its products to food manufacturers and national grocery chains under the Silverbow brand and private label brands.
