Nutroganics, Inc., Bethesda, Md., signed a letter of intent to acquire certain assets of Wholesoy & Co., San Francisco.
Wholesoy is an organic, non-GMO-verified, soy yogurt processor that distributes nationwide to leading natural foods retailers such as Whole Foods and specialty grocers such as Fairway Market. Wholesoy generates approximately $7 million in annual revenue. Nutroganics anticipates that the acquisition would be accretive immediately on a revenue-per-share basis, and after a 120-day transition, would be accretive on an EBITDA per share basis.
The transaction is subject to several conditions, including working out suitable terms with Wholesoy's vendors and certain Wholesoy creditors. The terms of the acquisition were not disclosed.
"Wholesoy is a terrific brand in the natural foods industry, which would fit well within the Nutroganics portfolio," says David Sackler, chief executive officer of Nutroganics. "We look forward to working with Wholesoy's management, as we strive to close the transaction."