Organto Foods Inc. (TSXV:OGO) agreed to acquire NFG New Fruit Group Gmbh for ?1.5 million on December 13, 2022. Under the terms of the proposed transaction, at closing Organto will pay ?0.25 million in cash, issue 2,250,000 common shares of Organto which will become freely tradeable equally over 5 years and issue a note payable of ?0.4 million with an interest rate of 2%, payable equally over three years based on certain conditions. In addition, the former owners will be eligible for an earn-out of up to ?0.65 million based on pre-established growth targets to be met over a three-year period. On closing of the transaction, NFG's operating principals, Gian Ferreiras and Alexander Widmann will join Organto to lead the NFG business and work together with the Organto team, while non-operating principals Philipp Koffler and Nikolaus Widmann will join an Advisory Board along with Steve Bromley and Rients van der Wal, which will focus on the integration and strategic development of the combined business. The transaction is subject to a number of closing conditions including acceptance by the TSX Venture Exchange and is expected to be completed in early 2023.

Organto Foods Inc. (TSXV:OGO) completed the acquisition of NFG New Fruit Group GmbH on January 2, 2023.