Essentially Group PLC Acquisition - Best of Latin Foodstuff Trading LLC

RNS Number : 0681G

Essentially Group PLC

08 March 2024

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

 

ESSENTIALLY GROUP PLC

 

("Essentially" or "the Company'')

 

Acquisition of Best of Latin Foodstuff Trading LLC

 

Essentially Group PLC (AQSE:ESSN) is delighted to announce that its wholly owned subsidiary, Essentially Holdings Limited, a company registered in Abu Dhabi Global Market with company number 000005363 ("EHL")  has signed a share purchase agreement for the acquisition of the entire share capital of Best of Latin Foodstuff Trading LLC ("Best of Latin") from the sole shareholder of Best of Latin, Catalina Oñate, for a total consideration of £1,945,000 ("Share Purchase Agreement"). 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."

 

Catalina Oñate, CEO of Best of Latin, commented: "The combination of ideas and synergies between like-minded entrepreneurs can be super powerful; This is how we see the future together with Essentially. The blend of ingredients from Latin America combined with the expertise of Essentially in food technologies will unlock a new era of clean label product developments for the Middle East."

 

 

 

The Directors accept responsibility for this announcement.

 

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For further information, please contact:

 

Essentially Group Plc
Raja W Abuljebain, CEO	Tel: [phone]
	https://essentiallyplc.com
AQSE Exchange Corporate Adviser
Alfred Henry Corporate Finance Ltd
Nick Michaels/Maya Klein Wassink	Tel: [phone]
	www.alfredhenry.com
Broker
Clear Capital Markets Ltd
Andrew Blaylock	Tel: [phone]
	https://clearcapitalmarkets.co.uk

 

About Essentially Group PLC

 

Essentially's mission and strategy is the acquisition, holding and development of companies active in the health food and beverages market.  Essentially's wholly owned operating subsidiary in the United Arab Emirates ("UAE"), Essentially Juices Manufacturing LLC ("EJM"), offers premium quality wellness shots, functional juices, lemonades, nut milks, single origin fruit juices and healthy protein snacks. EJM has a manufacturing facility in Dubai where the beverages are produced and is active in the UAE and Kingdom of Saudi Arabia fruit and vegetable juice market.

 

For more information on the Company please visit  https://essentiallyplc.com/

 

 

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