Laird Superfood to acquire Picky Bars for $12 million

摘要

Laird Superfood, Inc. has entered into an agreement to acquire Picky Bars, LLC for $12 million in cash and stock, subject to a customary post-closing working capital adjustment. Picky Bars is a maker of snacks and breakfast products.Laird Superfood produces plant-based packaged beverage products,including coffee creamers, hydration products and supplements. The company was founded by surfers Laird Hamilton and Paul Hodge and last year filed for its initial public offering priced at $22 a share. The stock surged during its first week on the New York Stock Exchange to $46 per share, reaching a valuation of $400 million, and has since eased to $37 per share as of May 4.The company said its acquisition of Picky Bars aligns with its strategic goals, including the addition of innovative daily-use products across its omnichannel platform. Bend, Ore.-based Picky Bars was founded in 2010 by professional endurance athletes Jesse Thomas, Lauren Fleshman and Stephanie Rothstein Bruce and offers a line of nutrition bars, oatmeal, granola, pancakes and nut butter created to support athletes of all levels. The transaction represents a multiple of approximately i.2x Picky Bars' estimated 2022 revenue.