good natured closes acquisition of plastic packaging company
By Food in CanadaFood In Canada Business Operations Fruit & Vegetables good natured Products Inc.
May 14, 2020, Vancouver, B.C. – good natured Products Inc. has announced it has closed the previously announced strategic acquisition of Shepherd Thermoforming & Packaging Inc. and all of its real estate for $9.5 million.
Shepherd is a leading thermoformer with over 35 years experience and includes assets such as machinery, moulds and a 42,000-square-foot manufacturing facility on 2.31 acres of land in Brampton, Ont.
The terms of the acquisition were first announced in a good natured® news release on March 3, 2020, and further details of the transaction were released by the company on April 29, 2020. The acquisition was an arm’s-length transaction which closed in accordance with the terms and conditions as previously disclosed.
The purchase price was financed through a combination of a previously announced $6-million BDC mortgage loan, $1.35 million in a vendor-take back promissory note, with the balance funded by drawdown of the company’s previously announced June 2019 BDC credit facility.
“We’re very pleased to announce the completion of this acquisition, and welcome everyone at Shepherd to the good natured® family,” said Paul Antoniadis, CEO of good natured®. “Shepherd grows our customer base with an addition of over 75 customers, our capabilities, and our market reach into Eastern Canada and the Northeast United States.”
“We are delighted to support an acquisition that marks a key milestone in good natured®’s history as well as its contribution to the adoption of plant-based plastics,” said Jahangir Bhatti, director, cleantech practice at BDC. “With its wide assortment of products and strategic Eastern Canada location, Shepherd is in good stance to fuel good natured®’s already robust growth.”
good natured® is producing and distributing one of North America’s widest assortments of better everyday products® made with renewable, plant-based materials and no BPAs, phthalates or other chemicals of concern potentially harmful to human health and the environment.
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