Independent grocer Organic Garage has entered into a binding letter of intent to acquire The Future of Cheese, a Canadian manufacturer of plant-based cheeses.

Based in Toronto, Future of Cheese is a private corporation that specialises in the development, manufacture and marketing of organic, plant-based cheeses and plant-based cheese products.

The company claims to utilise unique ageing and manufacturing processes and looks to disrupt the plant-based dairy alternatives market.

As part of the deal, Organic Garage will issue 13,800,000 common shares to the shareholders of Future of Cheese at a deemed price of $0.42 per share in consideration for all of the issued and outstanding securities of Future of Cheese. This would result in an estimated total value price of CAD 5.796 million (approximately $4.54 million).

Following the acquisition, Future of Cheese will become a wholly-owned subsidiary of Organic Garage.

Founded in 2005, Organic Garage is a Canadian independent organic grocer that offers a wide selection of healthy and natural products. The grocer is looking to continue expanding its retail footprint within the Greater Toronto Area.

The proposed acquisition, which is subject to conditions and regulatory approval, is anticipated to close around 19 March 2021.

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