By Adriano Marchese
Global Food & Ingredients said Thursday it plans to raise 12.2 million Canadian dollars, or $9.2 million, for its pet food ingredients division.
The Canadian plant-based food and ingredients company said it will raise the new money through an investment in equity and debt by 35 Oak Holdings which includes a C$500,000 investment in a concurrent nonbrokered private placement.
As part of the transaction, GFI will transfer all of the assets and liabilities associated with its pet food ingredients unit to a new subsidiary and will sell 49.9% of its equity to 35 Oak.
GFI will receive about C$3.2 million for the stake, and then will receive another C$10 million by way of revolving loan.
"GFI will continue to manage all aspects of the pet food business and will consolidate its results as a controlled entity, while realizing on the value created to date since building out the business unit over the past two years," President and Chief Executive David Hanna said.
Write to Adriano Marchese at adriano.marchese@wsj.com
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June 15, 2023 at 07:20PM
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Global Food & Ingredients to Raise C$12.2M in Investment for Pet Food Division - MarketWatch
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