Toronto’s GreenSpace Brands is adding to its product portfolio with the recent acquisition of cold pressed juice maker The Cold Press Corp. and its CEDAR brand.
A press release announcing the buyout said the deal was worth between $5.385 million to $6.385 million. In the three months ended July 31, CEDAR earned gross revenue of approximately $1.25 million, representing year-over-year growth of 200%.
Matthew von Teichman, CEO of GreenSpace Brands has said the acquisition aligned with the company’s “pursuit of the ‘gut health’ category, which we feel is increasingly important to Canadians.”
“CEDAR is a strong brand amongst a key demographic of millennial consumers that we are starting to connect to more and more,” he said. “We think we have a lot of opportunities to grow CEDAR into other channels and through our core grocery channel, while growing gross profit dollars onto an increasingly fixed cost base.”
GreenSpace Brands also markets and sells such brands as Rolling Meadow Dairy, Nudge and Holistic Choice pet food.