Agri-food investment company Eat Well Group is to acquire a majority stake in plant-based baby food specialist Amara Organic Foods. Amara’s baby food delivers the benefits of fresh fruit and vegetables yet with the convenience and scale of shelf-stable and was voted the #1 Baby Best Food by Good House Keeping.
Using science and proprietary IP to make organic and vegan baby and children’s food, Amara will form a key part of Eat Well Group’s expanding plant-based portfolio, reinforcing its vertical integration strategy. The terms of the investment mean Eat Well will be issued 2,047,299 Series A preferred shares in the capital of Amara in exchange for a subscription price of USD$11,600,000, representing a 51% equity ownership of Amara on a fully-diluted as-converted basis.
Founded in 2017 by CEO Jessica Sturzenegger, Amara disrupted the baby-food market by supplying the demand from parents for fresh, nutrient-rich, low-sugar baby food that was minimally processed and shelf-stable. Amara is driven by the belief that setting kids on the right path from a young age will help them live better, feel better and think better for the rest of their lives.
“Amara has proven an impressive ability to scale through retail distribution and eCommerce excellence, and the funding and industry expertise provided by the Eat Well Group will help accelerate Amara’s growth as we head into calendar 2022,” stated Marc Aneed, President, Eat Well Group.
Amara is sold throughout major North American retailers, including Whole Foods, Costco, Amazon, and Walmart Canada.