Prime Drink Group, a beverage company operating in Canada, has announced a significant development in its expansion strategy. The company has executed a binding letter of intent to acquire Beach Day Every Day, a prominent player in the ready-to-drink beverage market in Quebec. This acquisition is part of an effort to enhance Prime Drink Group's portfolio and market share both in Canada and the United States.
Beach Day Every Day has shown impressive growth and reports an unaudited non-IFRS annual royalty revenue of $2.1 million, alongside an adjusted EBITDA of $1,198,395 for the year. The acquisition is accompanied by a financing arrangement aimed at facilitating the transaction and supporting future operations and growth initiatives.
The ready-to-drink beverage sector has seen significant activity and competition recently, with various companies vying for market presence. This acquisition signals Prime Drink Group's commitment to expanding its reach and improving its offerings in this sector, which has garnered attention due to changing consumer preferences towards ready-to-drink options.
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