VANCOUVER, BC. — Boosh Plant-Based Brands Inc. has acquired substantially all the assets of Beanfields Inc. Financial terms of the transaction were not disclosed.
Founded in 2010 and headquartered in Los Angeles, Beanfields manufactures gluten-free, non-GMO, vegan, top eight allergen-free flavored bean-based chips and other snacks.
“On boarding a popular US brand like Beanfields is a major catalyst for Boosh,” said TJ Walsh, vice president of sales at Boosh. “We believe one of the key elements to increasing Beanfields revenues is the ability to introduce the products to the club channels and expanding our conventional chains. And second, we plan on leveraging the existing 7,000 stores that offer Beanfields products and introduce the Boosh line entrees, pates and cheese.”
As part of the transaction, Boosh has committed to providing Beanfields aggregate working capital funding of $1 million to be expended at the discretion of Boosh, of which $250,000 was funded upon the execution of the asset purchase agreement on Feb. 11. The remainder is to be funded on or before March 10.
