VANCOUVER: PlantX Life Inc. has completed its acquisition of Bloombox Club Limited, a privately held e-commerce company based in the United Kingdom that sells and delivers indoor plants to its established wellness community via subscription service and online shop.
PlantX paid a purchase price of £8 million that was satisfied by a combination of £560,000 in cash and £7.44 million in common shares in the capital of the Company.
An aggregate of 10,782,559 Consideration Shares were issued to the sellers of Bloombox Club UK at a deemed price of C$1.17 per share, that being equal to the ten (10) day volume weighted average trading price of PlantX’s common shares immediately preceding the public announcement of the Acquisition.
The Consideration Shares are subject to a 4 month hold period in accordance with applicable Canadian securities laws.
The acquisition helps PlantX execute on its international expansion strategy, as well as expand its e-commerce capabilities.
Bloombox Club UK will continue to operate as a wholly owned subsidiary run by its founder, Dr. Katie Cooper and her UK team, while leveraging the deep e-commerce and technical expertise of PlantX to drive higher conversions and accelerate expansion into Netherlands, Germany and the rest of Europe.
Further, Bloombox Club UK will lend PlantX its expertise in the house plant vertical to enable the Company to further grow in the North American market.
PlantX plans to continue sourcing its plants from Geoponics, but will also grow its selection by having Bloombox Club UK locate additional partners that will make available their plant inventory and products on the Company’s ecommerce platform.
“We are really excited to become a part of the PlantX family,” said Dr. Katie Cooper, Bloombox Club founder and CEO.
“We can’t wait to be part of a bigger and more global team with a wider strategic vision, and we look forward to combining all our teams’ expertise and skills.””It is quite exciting working with Bloombox Club UK who have created this amazing subscription service and platform for plants,” said Julia Frank, PlantX CEO. “If our brief time together is any indication, I know we will have a very bright future together.”
“All of us at PlantX are very much looking forward to working together with Bloombox Club UK,” said Sean Dollinger, PlantX founder.
“Both teams bring so much to the table, whether it be ecommerce capabilities or marketing expertise, and together we’ll only continue to grow.”
Bloombox Club UK is a UK-based indoor plant and natural product shop and subscription company that brings indoors the great outdoors to boost its customers’ health and wellbeing. The company sources, curates, tells the story of its indoor plants and superior natural products for the home and delivers them to its customers’ doors. Bloombox Club UK has created a large and active community loyal to its brand by curating its products and educating its customers on the plants’ genus and benefits.