Hemp business sold to U.S. holding company
Winnipeg, Man. – Manitoba Harvest Hemp Foods has announced that it will be sold to Compass Diversified Holdings (CODI), a publicly traded company that owns a range of North American middle market businesses.
CODI will acquire roughly 87 per cent of the company. Manitoba Harvest CEO Mike Fata will remain with the company as CEO.
“The acquisition of Manitoba Harvest by CODI is an exciting moment in our company’s history,” said Fata in making the announcement. “With CODI’s proven history of supporting and growing niche market leaders, we are confident that we can further grow market share and continue to offer new innovative hemp-based food products to our customers. As our market continues to rapidly develop and consumers embrace the nutritional benefits of our products, with the added support of CODI, we will be in a strong position to accelerate our long-term growth potential.”
The deal is expected to close within 45 days.