VANCOUVER, BC, June 17, 2021 /PRNewswire/ – Wildpack Beverage Inc. (TSXV: CANS) (“Wildpack” or the “Company“) is pleased to announce that it has entered into a binding agreement to purchase, through a wholly owned subsidiary, all of the issued and outstanding securities in the capital of CraftPac, LLC (“CraftPac“), an established aluminum can decorator for cash consideration of US$2.15 million (the “Acquisition“).
CraftPac, who has a history of cash flow positive operations, is the leading decorator in Georgia and the surrounding states, which is an important region in the middle market beverage industry and integral to Wildpack’s growth strategy. Wildpack has substantial depth in its existing salesforce in that region, which it will leverage to undertake planned upgrades to unlock additional capacity within CraftPac, and grow its operations on par with Wildpack’s facility performance targets.
“This acquisition sets the tone for our strategic business plan to buy and build multiple facilities across diverse regions in the USA. Wildpack’s ability to both timely and efficiently reach a binding agreement is a testament to our dedicated and specialized team’s relentless commitment. In addition we were able to seamlessly complete this deal as a result of our streamlined evaluation process and custom integration systems. CraftPac is the perfect fit for our ongoing growth initiative, and we are thrilled with the expertise that we are onboarding along with the facility itself,” said Mitch Barnard, CEO.
Thomas Walker, Chief Growth Officer added, “CraftPac met or exceeded all of the criteria we look for in a target. We are starting from a strong base in the facility with the bulk of the early expansion occurring through adding additional operating shifts versus adding equipment or redesigning processes. Our integration team is fast at work linking their systems into our back office so that we can benefit from the hard work our team put in earlier this year building a platform for these opportunities to plug into.”
The Acquisition is expected to close on or about June 30, 2021 subject to certain closing conditions including receipt of all necessary regulatory approvals.
WILDPACK BEVERAGE INC.
Per: “Mitch Barnard”
Chief Executive Officer and Director
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing can filling and decorating services to brands throughout the United States. Wildpack currently operates indirectly through its subsidiaries and out of facilities in Baltimore, Maryland, Sacramento, California and Las Vegas, Nevada. Wildpack commenced trading on May 19, 2021, on the TSXV under the symbol “CANS.V”.
This news release may contain “forward-looking statements” within the meaning of applicable Canadian securities laws, including, without limitation: our statements related to the completion of the Acquisition. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Wildpack’s statements expressed or implied by these forward-looking statements are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack’s control, and undue reliance should not be placed on such statements. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding the Acquisition, including: that Wildpack’s assumptions in making forward-looking statements may prove to be incorrect; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Wildpack Beverage Inc.