Derrimon Trading Company Limited (“Derrimon”) announces entry into a definitive agreement to acquire control of the Brooklyn-based operations of FoodSaver New York, Inc. (“FoodSaver NY”), a wholesale food distributor and Good Food For Less, LLC (“Good Food NY”), a specialty supermarket.
Derrimon has incorporated a New York subsidiary, Marnock LLC, which will acquire the Brooklyn-based operations of FoodSaver NY and Good Food NY as a going concern.
The consideration for these acquisitions will be in the form of both cash and shares with Marnock LLC issuing a 20% minority interest to Oralcrys LLC, an entity beneficially controlled by the former owner-operator of those businesses. The overall consideration upon completion is expected to be valued between USD$8.9 million and USD$9.1 million.
Prior to entering into the agreement, Derrimon conducted detailed due diligence on both entities.
