Above Food Announces Strategic Acquisition of The Redwood Group, LLC’s Specialty Crop Food Ingredients Division, Representing Significant U.S. Expansion
REGINA, Saskatchewan and MISSION, Kan. and CHESTER, Mont., Aug. 09, 2024 (GLOBE NEWSWIRE) — Above Food Ingredients Inc. (Nasdaq:ABVE, ABVE.W) (“Above Food” or the “Company”), an innovative food company leveraging its vertically integrated supply chain to deliver differentiated ingredients and consumer products, announces that it has entered into a definitive purchase agreement to acquire the Montana-based Specialty Crop Food Ingredient Division (“Assets”) of The Redwood Group, LLC (“TRG”), for consideration of US$34,000,000 plus working capital, subject to final closing adjustments. Upon the terms and subject to the conditions set forth in the purchase agreement, the consideration payable by the Company in exchange for the Assets will consist of US$8,100,000 in cash and 5,600,000 newly issued common shares of Above Food, subject to final closing adjustments and customary closing conditions.