- Eat Well completed the acquisition of Belle Pulses, Sapientia, and Amara Organic Foods within the 2021 financial year, producing a 1,082% asset growth over that period
- In addition to raising over $33 million of debt, the company also bolstered its Board of Directors and advisory board
- Eat Well is confident that with the foundation laid down so far, it’s portfolio companies will achieve revenues of between $90 million and $110 million in 2022, with bottom-line profitability and combined investments growing throughout the year
Eat Well Investment Group (CSE: EWG) (OTC: EWGFF) just released its financial reports for the fourth quarter and the entire year of 2021. When making the announcement, Marc Aneed, the company’s Director, President, and Chief Executive Officer (“CEO”), noted that over the course of the 2021 financial year, the company laid a strong foundation, positioning its portfolio companies to capture global pulse demand, and satisfy consumer needs (https://ibn.fm/t1KAY).
“We have laid a strong foundation within the Eat Well Group investment platform, and we are very enthusiastic about the trajectory of our portfolio,” noted Mr. Aneed.
“The global plant-based foods market continues to rapidly expand as consumers make healthier decisions for themselves and their families. Our portfolio companies are well-positioned to capture global pulse demand and accelerate the scale of their better-for-you consumer products for years to come,” he added.
Over the 2021 financial year, Eat Well made significant acquisitions to strengthen its platform. It acquired all outstanding Belle Pulses Ltd. and Sapientia Technologies, LLC shares. The company also acquired a 51% majority equity interest in Amara Organic Foods, ultimately growing its assets from $5,043,430 in 2020 to $59,627,414 in 2021, representing a 1,082% growth.
Under Eat Well’s ownership, Sapientia launched its first white-labeled protein twist with Federated CO-OP stores in western Canada. The products were stocked on shelves across 350 stores as of December 2021. In addition, these protein twists were recognized as a Finalist in the Canadian Grand Prix New Product Awards.
Together, Eat Well’s three acquisitions generated positive net earnings of $1,478,420 despite the challenges posed by Covid-19 restrictions and a global supply chain crisis. Amara Organic Foods, owned by Pata Foods, achieved a 320% growth in revenue for the 2021 financial year, mainly influenced by the launch of its “toddler melts” product across North American retail.
Over the 2021 financial year, Eat Well also raised $33.5 million of debt from a leading Canadian institution and went ahead to complete two subsequent event equity financings of $5.1 million and $5.018 million each. It also made key appointments to its Board of Directors while expanding its senior management team with additional expertise in plant-based foods investing, consumer packaged goods investing, strong governance, and over 150 years of collective experience.
For the 2022 financial year, Belle Pulses projects an improved margin performance due to normalizing supply chains and improvement with Covid-19-related restrictions. In addition, strong global demand, driven by the Russia/Ukraine conflict disrupting pulse supply overseas, will also be another contributing factor.
On the other hand, Amara will continue expanding its reach to new consumers. It ended the 2021 financial year with approximately 6,000 total distribution points across North American retail, having closed distribution deals with Walmart Canada, Sobeys, HEB, Loblaws, and more.
With the foundation Eat Well Investment Group has laid down so far, the company is well-positioned to take its fundamental propositions to the next level. It is also well equipped to continue fueling the world’s plant-based consumption needs while raising its portfolio investments’ drive capacity, scale, innovation, distribution, and fiscal discipline.
To that effect, Eat Well maintains that its revenue guidance for its investee companies stands at $90 million to $110 million for the 2022 financial year, with bottom-line profitability of combined investments projected to improve throughout the calendar year.
For more information, visit the company’s website at www.EatWellGroup.com.
NOTE TO INVESTORS: The latest news and updates relating to EWGFF are available in the company’s newsroom at https://ibn.fm/EWGFF