Modern Meat (MEAT.C) closed its acquisition of two Victoria’s Health and Organic retail spaces in Vancouver today, which will now be rebranded Modern Health and Wellness Bar, according to a press release.
Victoria’s Health and Organic Bar has been around for 18 years, wherein its developed a reputation and a loyal following in the health community, in which MEAT can now take advantage. In terms of sales—they’ve made approximately 4.3 million, including their third store in North Vancouver, B.C, with their focus on health-related products.
“This is a significant step forward as we advance the Modern lifestyle brand and further supports our goal of making plant-based nutrition more accessible. Over the past two months we have been working through some extensive renovations and permitting to rebrand the stores with a focus on offering unique plant-based products. Our team is ready to drive new growth opportunities that are fully aligned with consumers’ preferences for nutritious plant-based alternatives that taste great, are sustainable and good for the environment,” said Tara Haddad, chief executive officer of Modern Meat.
Modern Meat issued 350,000 shares at $4 per share to the shareholders of 1257189 B.C. Ltd, the holding company that owns Victoria’s Health and Organic Bar. In return, Modern Meat picked up 100% ownership of the holding company, including the two locations. MEAT also has an option for five years to buy the remaining store for $3 million.
“These two brick-and-mortar retail locations will help create brand awareness within our local community. Expanding our portfolio to tap into the huge gap in the plant-based health and supplement space is important to our growth and will ultimately drive value for our shareholders,” said Haddad.
Modern Health and Wellness Bar’s target demographic are people looking for healthier options with ingredients from trusted and familiar sources. The company supports a lifestyle and culture, and their stores will be a home for all things plant based. Stores will focus on vegan products and supplements, and offer premade and grab-and-go plant based meals.