The transaction is valued at about $14,277,000 before transaction costs and is expected to close in early June.
“As part of our strategy to focus on our core integrated natural and organic foods sourcing and processing platform, we divested of our food distribution assets in mid-2010, and the divestiture of our natural health products assets and operations will complete our exit from the distribution business,” said Steve Bromley, president and chief executive officer. “This transaction further simplifies and focuses our business model while strengthening our balance sheet and positioning our company for future growth opportunities.
“We believe Banyan will be a great owner for the business being they are Canadian-based and are committed to continued development of the national natural health products distribution platform they have acquired. I want to express my sincere appreciation to the team at Purity for their hard work and commitment and wish them continued success under Banyan's leadership.”
Purity distributes natural health products, including dietary supplements, vitamins, natural body care and earth-friendly household goods throughout Canada.
