LONDON — Odd Burger Corporation has signed a non-binding LOI with Zoglo’s Food Corp. to acquire 100 per cent of its issued and outstanding common shares and combine the businesses.
Zoglo’s is a leader in the plant-based consumer packaged goods (CPG) industry in Canada with more than 3,000 distribution points across the country. Zoglo’s products can be found at major retailers, including Walmart Canada, Metro, Food Basics, Sobeys, IGA and FreshCo. The product line include non-GMO plant-based burgers, sausages, hot dogs, meat balls and chicken.
With a successful acquisition, Odd Burger expects to gain access to Zoglo’s’ food manufacturing network in both North America and Europe, which may provide significant benefits to Odd Burger as it scales its operations internationally. Furthermore, Odd Burger plans to launch some of its own branded products into retail which is expected to be facilitated through the acquisition with Zoglo’s. Odd Burger would also provide Zoglo’s with access to its food service channels, which may provide a new revenue stream for Zoglo’s.
“This acquisition provides growth potential for both of our companies,” says James McInnes, CEO and co-founder of Odd Burger. “The retail distribution that Zoglo’s has is nearly unmatched in the plant-based retail space in Canada and I believe that we can leverage this distribution to both monetize our own products and also make Zoglo’s products even more successful in their category.”
“We are thrilled to announce our intention to join forces with Odd Burger Corporation, a company that shares our passion for plant-based foods and sustainable business practices,” says Val Jedras, CEO of Zoglo’s. “With over 25 years of experience in the Canadian plant-based consumer packaged goods industry, we have built a strong brand and loyal customer base. By combining our resources and expertise with Odd Burger, we believe we can accelerate our growth and expand our reach both domestically and internationally. We are excited about the potential of this partnership and look forward to working closely with the Odd Burger team to bring delicious and nutritious plant-based products to more consumers around the world.”