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NightFood to acquire Fortune 500 company's licensee

FBR Staff Writer Published 03 November 2016

NightFood Holdings, a fully reporting "better-for-you" snack company, announced that it has signed a letter of intent and agreed to terms to acquire a Fortune 500 company's licensee.

The company to be acquired has secured a third-party license to manufacture and distribute their line of "better-for-you" products in an extremely popular snack category under an iconic brand name.

Approval for this acquisition has already been granted by the licensor, a Fortune 500 company.

The target company is currently in distribution talks with several supermarket chains throughout the country, as well as conducting discussions with key strategic distributors, and is seeking to initiate widespread distribution in early 2017. The Company reports that initial retailer and consumer response to the product line has been extremely positive.

NightFood CEO Sean Folkson said: "We are excited about the opportunity afforded by this transaction.

"This is a company that has secured what we believe is an extremely valuable license, from a brand with over 80% brand awareness and 23% household penetration in the US and a fast-growing presence in Europe. We look forward to providing more details as soon as possible."

The license allows for manufacture and distribution of the branded products in supermarkets, grocery stores, club and mass, convenience stores, and drug stores throughout the United States.

This transaction is currently in due diligence and the definitive material agreements have not yet been finalized. It is expected that final acquisition documents will be executed in the coming weeks.

Source: Company Press Release