Wildpack Beverage Inc. (TSXV: CANS) announced on Tuesday that it has closed the acquisition of Michigan-based aluminum can brokering firm KT Murray Corporation, doing business as Land and Sea Packaging. The transaction is reported to be for a total consideration of US$37.2 million.
According to the terms of the agreement, the acquisition price will be paid through US$26.1 million in cash and the remaining to be settled by the issuance of 12.7 million company shares.
The Michigan canning company reportedly generated US$21.9 million in revenue and US$4.7 million in EBITDA for the trailing 12 months. It also brokers approximately 90 million cans annually to clients across 15 US states.
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Concurrently, the beverage manufacturer has closed two financing transactions for total gross proceeds of $42.0 million: a bought deal public offering that issued 22.7 million company units at $0.97 per unit for total gross proceeds of $22.0 million, and a bought deal private placement for 20,000 debenture units for total gross proceeds of $20.0 million. Both offerings were conducted by Stifel GMP as the sole bookrunner.
Wildpack Beverage Inc. last traded at $0.83 on the TSX Venture.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
