GFI creates new subsidiary in pet food ingredients
by CM staff
GFI will be transferring all of its pet food ingredients assets and business into Big Sky.
TORONTO — Global Food and Ingredients Ltd., has created a new subsidiary named Big Sky Milling Inc., as part of the previously announced planned minority investment in its pet food ingredients division with 35 Oak Holdings Ltd.
GFI will be transferring all of its pet food ingredients assets and business into Big Sky, which will be fully dedicated to serving the North American pet food industry with existing products as well as new growth planned through product expansion and new investments.
As GFI completes the formation of the new dedicated pet food operations under the Big Sky brand, 35 Oak has advanced a $3.0 million deposit for the pending investment. GFI may immediately use such advance in funding its day-to-day operations. GFI is working to complete the pet food transaction reorganization in September, subject to completion of definitive agreements, satisfaction of customary closing conditions, and receipt of regulatory approvals, including the approval of the TSXV.
