Investments & Finance

Canada’s Vejii Signs Letter of Intent to Purchase UK Marketplace Mighty Plants for £2 million

Vejii Holdings Ltd (CSE: VEJI), a North American online marketplace for plant-based and sustainable products, announces it has signed a non-binding Letter of Intent with UK company Frozenly contemplating the acquisition of Frozenly’s issued and outstanding shares. If completed, Vejii states the proposed acquisition will expand its footprint into the UK, marking a major milestone for the company. 

According to the terms of acquisition, Vejii will purchase Frozenly’s shares for an anticipated price of £2 million (about $2.4M USD). Upon closing, the UK company will become a wholly-owned subsidiary of Vejii, while founders Rebecca Osborne and Gabriel Osborne will continue to manage Frozenly,  and will also be subject to contractual resale restrictions agreed to by the parties.

“Launching into the UK market has been a stated objective for Vejii since our inception”

Frozenly owns and operates, an e-commerce platform that provides D2C logistics and delivery for plant-based foods across the UK. Similar to Vejii’s fulfilment model, Frozenly acts as an agent for brands, providing D2C order fulfilment services and sample distribution through an inventory consignment model. 

According to Frozenly, it has has already established distribution in the UK market and formed relationships with top domestic and international brands.

Same-day delivery

Vejii believes that the UK market presents a strong opportunity for expansion, thanks to its dense population of plant-based consumers located within a small geography. Having a centrally located distribution centre would allow the company to deliver frozen product D2C across the country with same-day service, says Vejii. 

Mighty Plants Logo
©Mighty Plants

In addition, Vejii will introduce North American brand partners to the UK, and says it will be able to leverage its consignment and fulfilment model to improve unit economics and reinforce its path to profitability.

An “exciting” milestone

“Launching into the UK market has been a stated objective for Vejii since our inception. We believe that the acquisition of Frozenly and the leveraging of Frozenly’s digital platform and distribution network in the UK would be a critical and exciting milestone for the Company as we plan our continued expansion into the European Union and other key strategic geographies,” said Darren Gill, President and COO of Vejii.

We are very excited to announce the signing of this LOI and the planned acquisition of Frozenly. Frozenly has already set up and established itself as a marketplace for plant-based foods in the UK and has built a cold chain distribution platform similar to Vejii’s existing business in the US and Canada,” said Kory Zelickson, CEO of Vejii.

Kory Zelickson Vejii
Kory Zelickson ©Vejii

He continued, “After spending time with the founders, we have identified a similar vision and alignment with and recognized the value of bringing both platforms together under the Vejii umbrella. We believe that the acquisition of Frozenly by Vejii would enable local brands that Frozenly already serves to expand across Vejii’s US and Canadian platforms, and Vejii would be able to leverage its brand partners into the UK market as well, we are excited to bring our business together and leverage the natural synergies that already exist.”

Key investors

Frozenly’s investors include the Dismatrix Group (via its Planthesis Fund), a multinational private equity and venture capital firm co-founded by influential investors Miray Zaki and Sebastiano Cossia Castiglioni.

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Zaki, who serves as Managing Partner of Dismatrix, states: “We are very supportive of bringing these two great businesses together, and as investors see great potential for the combined business reaching global size and scale, I look forward to working with Vejii’s team as an advisor and future board member to support its ongoing growth.”

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