Eshbal Functional Food Making Second Acquisition in a Month: Gluten Free Nation
Eshbal Functional Food Inc., now settled in Vancouver, is making its second acquisition in a month, signing a binding letter of intent with Gluten Free Nation. The acquirer also established an investor relations program “aimed at increasing the company’s visibility in the [North American] investor community.”
Actually, the acquisition will be of Starcall Broadcasting LLC, doing business as Gluten Free Nation, a Texas-based company specializing in sweet and savory gluten-free baked goods, including cookies, cakes and buns. GF Nation sells its products across both retail and foodservice channels.
Price of the transaction was not disclosed, although Eshbal will be paying cash and shares of its company upon closing of the acquisition.
In June, Eshbal bought Swonder Bread, another Israeli bakery, one that specializes in sprouted sourdough and vegan bread. At the time, Eshbal said it plans to make its vegan pita bread in the U.S. soon; it formerly was imported from Israel.
Eshbal was founded in 1940 as Galaam Packaging on Kibbutz Ma’anit, Israel. In 2014, the company was acquired by a group of investors from the food and food technology sectors. Eshbal claims more than $12 million in annual revenue.
The current expansion follows the successful completion of a reverse takeover (RTO) with Hakken Capital Corp. of Vancouver, through which Eshbal became a publicly listed company on the TSX Venture Exchange, part of the Toronto Stock Exchange, on April 14.
As part of all this activity, the company appointed Anat Shuhami as head of investor communications.
About the Author
Dave Fusaro
Editor in Chief
Dave Fusaro has served as editor in chief of Food Processing magazine since 2003. Dave has 30 years experience in food & beverage industry journalism and has won several national ASBPE writing awards for his Food Processing stories. Dave has been interviewed on CNN, quoted in national newspapers and he authored a 200-page market research report on the milk industry. Formerly an award-winning newspaper reporter who specialized in business writing, he holds a BA in journalism from Marquette University. Prior to joining Food Processing, Dave was Editor-In-Chief of Dairy Foods and was Managing Editor of Prepared Foods.