Wildpack Beverage Acquires Michigan-Based Land and Sea Packaging For US$37.2 Million

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.

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.

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