GFI invested $12.3M in its pet food division.

Global Foods and Ingredients (GFI) has entered into agreements regarding this. Recently created subsidiary Big Sky Milling Inc.

GFI said the proceeds from the deals will be used by the company’s core components division to refinance existing debt and unlock liquidity to invest in further development of operations.

In August 2023, GFI formed a new subsidiary called Big Sky with 35 Oak Holdings as part of a previously announced planned minority investment in its pet food ingredients division. Current transactions include plans to raise $11.8 million through an equity investment and debt in its pet food division, while 35 Oak will contribute $500,000 in investment, bringing the total investment to $12.3 million. .

Under the agreements, GFI will transfer all assets and liabilities associated with the pet food ingredients business to Big Sky. As part of the transaction, the company will raise $3.45 million through the sale of 49.9% of Big Sky’s common shares to 35 Oaks.

Once The pet food deal is complete, 35 Oak will also make a $500,000 loan to GFI’s basic ingredients division. The transaction is expected to close by the end of January.

GFI is a Canadian plant-based food and ingredients company, connecting local farms to global supply chains for peas, beans, lentils, chickpeas and other high-protein specialty crops. GFI’s vision is to be a vertically integrated farm-to-fork plant-based company that provides traceable, locally sourced, healthy and sustainable food and ingredients. GFI is organized into four primary business lines: basic ingredients, value-added ingredients, plant-based pet food ingredients and downstream products. Headquartered in Toronto, GFI buys directly from its extensive network of farmers, processes its products locally at its four wholly-owned processing facilities in Western Canada and ships to 37 countries worldwide.

Adapted from a press release.

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