Plant Veda enters into share purchase agreement for Nora’s Non-Dairy
by CM staff
The global plant-based ice cream market is expected to grow by $1.55B during 2022-2026, accelerating at a CAGR of 11.49 per cent.
Photo: CNW Group/Plant Veda Foods Ltd.
VANCOUVER — Plant Veda Foods, a dairy-alternative food manufacturer, has entered into a share purchase agreement to acquire all shares of Nora’s Non-Dairy Ltd., a Canadian plant-based ice cream company.
The acquisition of Nora’s makes the company stronger in the plant-based dairy category by adding ice creams into the portfolio. The global plant-based ice cream market is expected to grow by $1.55B during 2022-2026, accelerating at a CAGR of 11.49 per cent.
Co-founded by Katherine Backman and Tyler Bothwell in 2017, Nora’s produces and sells cashew-based ice creams in five flavours which are currently sold through approximately 250 stores across Canada including Whole Foods Market, Safeway, Thrifty Foods, and other Canadian grocers. Nora’s products are also distributed to food service customers through Gordon Food Service.
“We are honoured and happy to welcome Nora’s into our family,” said Sunny and Vanita Gurnani, co-founders, Plant Veda. “We are very excited to have come to an agreement with Plant Veda,” commented Nora’s co-founders Katherine and Tyler. “The Plant Veda team shares our enthusiasm for plant-based foods and Nora’s product lineup aligns perfectly with their innovative products. We are excited for the next phase of growth, especially the plans for oat milk-based ice cream and further development of the food service business.”
As consideration of the share purchase, Plant Veda will issue $300,000 worth of shares to Nora’s shareholders based on the average traded price of the company’s common shares on the CSE over the preceding 20 days from the closing date of the transaction.
