Canada: Rritual Superfoods acquires smoothie company JustGo
Acquired company is a direct-to-consumer and wholesaler of smoothie mixes with 40 distribution points in British Columbia
Rritual Superfoods, which offers plant-based smoothies which it brands as ‘elixirs’, has acquired JustGo Juice Nutrition. Both companies are based in Vancouver.
JustGo is a direct-to-consumer and wholesaler of smoothie mixes with 40 distribution points in British Columbia, with plans to expand into neighbouring provinces. It serves the functional beverage market with six SKUs.
In consideration for the acquisition, Rritual Superfoods issued 33 million shares of Rritual to JustGo’s shareholders for a purchase price of C$2.31 million (US$1.81 million) at a deemed price of C$0.07 per Rritual share.
Warren Spence, chief executive of Rritual, said: “We are excited to enter the new category with the Rritual family of products and are looking forward to integrating the two brands”.
Khris Mehan, founder of JustGo, added: “We are excited to partner with a strong consumer packaged goods operator and to realise my vision of everyone enjoying the smoothie brand my team created.”
Mehan has been retained as a consultant of the company for a period of at least one-year post-closing to oversee the transition and help grow the business.