Vejii Closes Vegan Essentials Acquisition
North American online vegan marketplace Vejii Holdings Inc. has closed its acquisition of Veg Essentials LLC, also known as Vegan Essentials, effective Oct. 28. The deal gives Vejii access to a second strategically located warehouse in the United States, along with more than 20 years of consumer insight, data and buying power. The companies have a combined subscriber list of 130,000-plus across North America and Europe. Vejii plans to consolidate its logistics, marketing and buying with Vegan Essentials to boost efficiencies and margins between the two companies.
Vejii has also satisfied escrow release conditions attached to its previously revealed financing of special warrants and subscription receipts. As of Nov. 1, the subscription receipts and special warrants have been converted into an aggregate of 12,210,857 common shares and 6,105,429 common share purchase warrants, with each warrant being exercisable for one additional common share at a price of CAN 50 cents until Nov. 1, 2023. It was a condition of the conversion that Vejii completed its acquisition of Vegan Essentials. The deal was first revealed this past April.
Additionally, the company will begin trading its common shares on the Canadian Securities Exchange (CSE) under the symbol VEJI, effective at the opening of the market on Nov. 10, another condition of the acquisition.
“The acquisition of Vegan Essentials and commencement of trading on the CSE are two incredible milestones for our company,” said Kory Zelikson, CEO of Kelowna, British Columbia-based Vejii. “I am incredibly proud of our team and their commitment to creating what is poised to be a leading North American plant-based and sustainable-living marketplace. Our database of consumer buying insights now goes back to 1997, and this will allow us to look at strategic acquisitions, new brands and growth within new markets. The access to additional capital from the financing will also allow the company to focus on future growth.”
In a little less than a year since the company's launch, Vejii's fully operational platform across both the United States and Canada has gone live, currently offering more than 70 independent ethical plant-based vendors and 3,000 products, and the e-grocer has amassed $4 million in revenue following the Vegan Essentials acquisition.
