Organto Foods Inc., a provider of organic and value-added organic fruits and vegetables today announced that it has signed a Letter of Intent (“LOI”) to acquire 100% of the outstanding shares of Beeorganic B.V., a privately held Dutch corporation. Beeorganic is a year-round provider of fresh organic Fairtrade bananas with sales in the Netherlands, Belgium, and France. Closing of the transaction is subject to completion of final due diligence, definitive agreements, and acceptance of the TSX Venture Exchange.
Beeorganic is based in Den Hoorn, the Netherlands. The business commenced operations in 2003 under the direction of Mr. Mike Reuselaars, who will join Organto and lead the Company’s organic banana portfolio, leveraging Organto’s existing resources and value-added marketing platform. Beeorganic offers a differentiated product offering combining specific product size specifications with a unique ripening process to deliver great tasting products to its customers.
Similar to Organto, Beeorganic operates an asset light business model with their products sourced primarily from strategic Caribbean-based grower partners. Organto recently announced the addition of organic bananas to its product portfolio, and the addition of Beeorganic will add significant depth to the Company’s banana category.
“We are extremely excited to have Mike and the Beeorganic team become part of Organto, utilizing their expertise as we expand our organic fruits and vegetables portfolio. Growth via acquisition has been one of our stated strategies, and we are pleased to be able to announce our second acquisition of 2021," commented Rients van der Wal, Co-CEO of Organto and CEO of Organto Europe BV.
“Mike has successfully built the Beeorganic business over the years based upon strong values and operating principles, and we believe the business will be a great fit with the operating platform that we have been building. We continue to expand our product capabilities and work to bring value to the categories we serve and by combining our collective strengths, we believe we will be able to profitably expand the banana category for years to come.”
Mike Reuselaars, one of the current owners of Beeorganic commented, “We are very proud of the business and legacy which we have built based on our strong values and commitment to both our grower partners and our customers. We are impressed with Organto’s vision for the future and strategy to be a leader in fresh organic fruits and vegetables, including their commitment to sustainable and transparent business practices. This vision aligns with our goals at Beeorganic, and we could not be more pleased to become a part of this vision.”
The acquisition of Beeorganic diversifies Organto’s product expertise in a large and growing fruit category and is expected to drive internal growth as resources are leveraged to accelerate growth.
For more information:
Organto Foods Inc.
Tel: +1 604 634-0970
www.organto.com
