Odd Burger Corporation recently signed a non-binding LoI with Zoglo’s Food Corp, a private plant-based food company operational for 25 years with a retail footprint of over 700 locations, to acquire 100% of its issued and outstanding common shares and combine the businesses.
“This acquisition provides growth potential for both of our companies”
Odd Burger is poised to gain access to Zoglo’s’ food manufacturing network in both North America and Europe, which will bring benefits as it scales international operations. In December 2022, the Canadian vegan fast food chain announced plans to develop up to 50 new locations in the state of Florida and in the DACH region of Germany, Switzerland and Austria.
Zoglos products are largely available in ethnic and kosher sections of supermarkets and can also be found in the US and Europe. In Canada, Zoglo’s products can be found at major retailers including Walmart Canada, Metro, Food Basics, Sobeys, IGA, and FreshCo. Its wide product portfolio encompasses plant-based burgers, sausages, hot dogs, meatballs, and chicken, produced with peas, fava beans and mung beans.
Mutually beneficial
Odd Burger will offer Zoglo’s access to its food service channels, providing an additional revenue stream, and additionally the company states its intentions to launch its own branded Odd Burger products into retail through the aquisition.
“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,” comments 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.
“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.”
“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,” adds Val Jedras.
Upon completion of the Proposed Transaction, the former Zoglo’s Shareholders will hold approximately 25% of the Odd Burger Shares and the Odd Burger Shareholders will hold approximately 75% of the Odd Burger Shares (without giving effect to any other issuances).
