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Expands Portfolio of Products
Celsius Holdings Inc., maker of the leading global fitness drink, CELSIUS®, has announced that the company has entered into a series of definitive agreements with the shareholders, bondholders and certain other lenders of Func Food Group Oyj, a Finnish corporation, pursuant to which Func Food’s outstanding debt will be restructured and Celsius will acquire Func Food.
Consideration for the transaction is comprised of approximately $15.1 million in cash and the assumption of $9.5 million of outstanding debt (assuming a foreign exchange rate of $1.12=€1.00).
Func Food is a Nordic wellness company that markets and distributes beverages, protein bars, supplements and superfoods under the brands Celsius®, FAST Sports Nutrition, CocoVi and FitFarm. Func Food represents a comprehensive portfolio of well-being products which promote active and, healthy lifestyles by investing in high-quality ingredients and best-in-class food and beverage expertise.
Celsius first began its relationship with Func Food in 2016 when Func Food acquired People’s Choice, the former distributor and took over the distribution of Celsius in the Nordics, solidifying Celsius® as the best-selling fitness drink in Sweden.
The acquisition of Func Food represents a meaningful opportunity for Celsius to quickly gain critical access to the European nutrition markets, expand its product offerings in-line with growing market potential and position the company to capitalize on a broader revenue base. With approximately $37.0 million in revenue and $702,000 in Adjusted EBITDA in 2018, Func Food offers a number of synergies and benefits that are expected to be captured through this business combination.