Acquisition will almost almost double Good Natured’s revenue and provide $3.25 million in working capital
Vancouver-based Good Natured has acquired the operating assets of Ex-Tech Plastics for cash consideration of US$14.1 million in a deal anticipated to close later this month.
Founded in 1982, Richmond, Illinois-based Ex-Tech Plastics manufactures rigid plastic sheets and states it is committed to the production of environmentally responsible materials. The company generated US$25.8 million in its 2020 fiscal year which will enable Good Natured almost to double its revenue following the acquisition. At closing, Good Natured will gain $3.25 million in working capital.
Good Natured sells nearly 400 products and services and its products are made without petroleum and free from BPAs, phthalates and other chemicals of concern. It is a portfolio company of Vancouver-based Eat Beyond Global Holdings, an investment issuer focused on the global plant-based and alternative food sector.
Eat Beyond chief executive Patrick Morris said: “Following a strong financial first quarter, Eat Beyond is happy to see portfolio company Good Natured continue its positive momentum with this significant acquisition of a long-tenured plastics company based in Illinois. Ex-Tech offers six different material types, offering a key part of the value chain as businesses and consumers look for sustainable, environmentally friendly products and services.”
“This is the third acquisition by Good Natured in the past year, which will add 105 business-to-business customers for Good Natured, growing its tally to approximately 600, while providing cost synergies and opportunities to scale operations. Real estate gains will also increase total assets to nearly $10 million, as Good Natured gains an impressive midwestern market presence, not far from the third-largest city and seventh largest cargo airport in America.”
Date published: 18 May 2021