TORONTO — GreenSpace Brands, Inc. (GSB) has entered an agreement to acquire Galaxy Nutritional Foods, Inc., owner of the Go Veggie brand of plant-based cheese alternatives, for $17.8 million. The acquisition is expected to close in January 2018.
Go Veggie offers a 55-product portfolio across the United States in three categories: vegan, lactose-free, and lactose- and soy-free. The company offers such products as single slices, shreds, snack bars, cream cheese, spreads and dips. The brand has distribution in more than 12,000 locations as well as a growing food service business, Galaxy said. Go Veggie recorded revenues of $16.3 million for the fiscal year ended March 31, 2017.
“We couldn’t be more excited to add Go Veggie to the GSB family of brands,” said Matthew von Teichman, chief executive officer of GreenSpace. “With the acquisition of Go Veggie, we enter our most sought-after vertical: plant-based dairy alternatives. The addition of Go Veggie adds a profitable pre-existing U.S. platform that will enable us to launch our most innovative and unique brands into the U.S. under the expert leadership of one of the most respected people in the U.S. natural food industry, Rick Antonelli, c.e.o. of Go Veggie. This is truly a transformative acquisition for us. We will continue to develop their Canadian sales strategy through the leveraging of our current platform and strategically initiate our U.S. development by leveraging their platform. It’s a win-win and the ideal way for us to get going in the U.S. market.”
GreenSpace is a Canadian-based ideation team that develops and markets natural food products. The company owns and operates such brands as Love Child Organics, Central Roast, Rolling Meadow Dairy and Kiju.“We’ve been watching GreenSpace for years and have admired the stable of brands they’ve been able to put together in such a short time,” said Rick Antonelli, c.e.o. of Galaxy Nutritional Foods. “We feel that Go Veggie is a perfect addition to that roster of strong brands, and with the potential synergies of our team selling their products and their team selling our products, there’s a significant long-term upside for both. I can’t wait to start presenting GreenSpace’s unique and innovative products to the U.S. market and Go Veggie’s existing retail partners.”