GreenSpace Brands Inc., Toronto, and Agrifoods International Cooperative Ltd., Edmonton, Alberta, announced the sale by Greenspace of the Rolling Meadow Dairy brand and business (excluding the egg business) to Agrifoods' subsidiary, Organic Meadow Limited Partnership. This sale further cements Agrifoods' place in the Canadian dairy industry as it brings Canada's strongest brand in the grass-fed dairy industry into Agrifoods' family of brands, the companies said.
The acquisition of the business is for upfront consideration of $1.8 million, including working capital considerations, in addition to a royalty based on revenue over four years, the companies noted.
"We're thrilled to be selling the Rolling Meadow brand to Agrifoods and the Organic Meadow team," said Matthew von Teichman, CEO of GreenSpace Brands. "Organic Meadow has been a fantastic partner in the success of Rolling Meadow since inception, as our primary co-packer of Rolling Meadow products, and coupled with their deep understanding of the dairy market in Canada, we expect the Organic Meadow team to be able to take what we started with Canada's first and largest grass-fed dairy brand and bring it to a new level for the benefit of Canadian dairy consumers."