Prime Closes Acquisition of Triani Canada
Deal News | Nov 02, 2024 | Globenewswire
Prime Drink Group Corp., a Quebec-based corporation focused on becoming a leading beverage holding company, announced the completion of its acquisition of Triani Canada Inc. The transaction was valued at CAD$11.4 million, paid through the issuance of 91.2 million common shares. Additionally, up to CAD$23.5 million in bonus consideration is contingent on Triani achieving certain EBITDA targets. In association with the acquisition, the company conducted subscription receipt and unit financing, raising an aggregate of CAD$8.672 million. Prime's strategy involves full integration from conceptualization to sales, further asserting itself as a major holder of groundwater rights in Canada. The management team and board have been restructured to include new members following the acquisition. Prime Drink Group's acquisition enhances its product offering by adding a range of alcoholic and non-alcoholic beverages to its portfolio, positioning it as a significant player in the North American market.
Sectors
- Beverage Industry
- Financial Services
Geography
- Canada – The acquisition and transaction details were centered around Canadian companies, namely Prime Drink Group and Triani Canada, based in Quebec.
Industry
- Beverage Industry – Relevant as both Prime Drink Group and Triani Canada operate in the production, marketing, and sales of alcoholic and non-alcoholic beverages.
- Financial Services – Related to the acquisition, financing activities, and share transactions involved in Prime Drink Group's strategic business activities.
Financials
- CAD$11,400,000 – Transaction value for the acquisition of Triani Canada by Prime Drink Group.
- CAD$23,500,000 – Potential bonus consideration contingent on achieving EBITDA targets.
- CAD$8,672,125 – Total proceeds from the Subscription Receipt Offering and Unit Offering.
- 337,173,212 – Total number of Prime Shares issued and outstanding post-transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Prime Drink Group Corp. | Buyer | Company | A Quebec-based corporation aiming to become a diversified beverage holding company. |
| Triani Canada Inc. | Target Company | Company | A Quebec-based company specializing in alcoholic and non-alcoholic beverage production and sales. |
| 9296-0186 Quebec Inc. | Vendor | Company | One of the sellers of Triani Canada to Prime Drink Group. |
| Angelpart Ventures Inc. | Vendor | Company | Another seller of Triani Canada to Prime Drink Group. |
| Canadian Securities Exchange | Regulatory Body | Government | Regulates the listing and trading of securities, overseeing Prime's public offerings. |