U.S. holding company Compass Diversified Holdings enters into an agreement to acquire Fresh Hemp Foods Ltd., also known as Manitoba Harvest, for $132.5 million.
Headquartered in Winnipeg, Manitoba Harvest is a marketer of branded, hemp-based foods. The company’s products are the fastest-growing in the hemp food market and among the fastest-growing in the natural foods industry, according to a news release.
Manitoba Harvest’s products are currently carried in about 7,000 retail stores across the U.S. and Canada.
“We are pleased to capitalize on our balance sheet strength and add Manitoba Harvest to our family of niche leading businesses,” says Alan Offenberg, CEO of Compass Diversified Holdings. “Consistent with our previous platform acquisitions of leading branded consumer businesses, Manitoba Harvest possesses several qualities critical for success. Specifically, the company is a leader that operates in a large and expanding marketplace, has strong and growing cash flows, a passionate consumer following, an experienced management team and compelling expansion opportunities.”
Mike Fata will continue to serve as CEO of the company.
