THE WHAT? Yooma Welnness has announced that it has acquired Vitality CBD in a transaction valued at up to £10.2 million.
THE DETAILS The acquisition is part of Yooma’s stated ‘buy and build’ strategy and will add a significant source of recurring revenue to Yooma – Vitality reported a gross turnover of £1.6 million in the six months to June 30, 2021 – as well as expanding its target customer base and distribution network for its existing European-focused brands.
THE WHY? Yooma Chairman, Lorne Abony explains, “Completing the acquisition of Vitality is the first step of the strategic plan the Company outlined to investors at the time of our UK financing and dual-listing – to buy and build companies globally, focused on materially increasing the Company’s top-line revenue, leveraging Yooma’s integrated supply chain to drive margin growth, and expanding distribution for the existing product portfolio. This acquisition will help accelerate our growth by exporting these branded products to other Yooma jurisdictions and integrating with our MYO Plant Nutrition operations and distribution. Vitality is a market leader in the UK with presence in major retail outlets such as Boots, ASDA and Lloyds Pharmacy and we look forward to working with the team at Vitality.”