LONDON, UK: Essentially Group’s wholly owned subsidiary, Essentially Holdings Limited, a company registered in Abu Dhabi Global Market, has signed a share purchase agreement for the acquisition of the entire share capital of Best of Latin Foodstuff Trading LLC from the sole shareholder, Catalina Oñate, for a total consideration of £1,945,000.
The consideration is to be satisfied by the allotment and issue of 3,705,000 new ordinary shares of £0.001 each at a price of £0.525. The parties intend to appoint Catalina Oñate as executive director to the Board of Essentially on completion.
The acquisition is expected to complete by Friday, 3 May 2024. There will be a 7.22% dilution to existing Essentially shareholders.
Best of Latin is a trading company that sources premium, ready-to-eat foodstuffs from growers and exporters mainly in Latin America. Best of Latin caters to hotels, cafés, and award-winning gourmet kitchens across the United Arab Emirates.
We are confident that this acquisition, when completed, will unlock significant value for our shareholders by tripling Essentially’s turnover, diversifying its product portfolio and revenue streams, giving access to additional market segments, allowing supplier consolidation, and resulting in substantial operational synergies and scale efficiencies.
This acquisition is in line with Essentially’s long-term acquisition strategy which is to identify opportunities and businesses operating in the health and wellness food & beverages sector with strong underlying fundamentals and high growth potential.
Raja Abuljebain, CEO of Essentially Group PLC, commented: “We are very excited about what this deal will mean for the future of both Essentially and Best of Latin. We have been very impressed by what the team at Best of Latin have already achieved and believe that the business has immense potential, which we hope to help them unlock.”