VANCOUVER, British Columbia–(BUSINESS THREAD)–Eat Well Investment Group Inc., (the “Company” or “Eat Well Group”) (CN:EWG) (USA:EWGFF) (FRA:6BC0), a publicly traded investment company, is pleased to announce its second quarter 2022 financial results, including record revenue, gross profit and net earnings for its wholly owned portfolio company Belle Pulses Ltd. (“Belle Pulses”).
Highlights from the Eat Well group (including subsequent events)
A strategic investment closed by Nurture Healthy Food LLP, a wholly owned subsidiary of Nurture Capital LLC for gross proceeds of $5,017,999.50. It resumed its normal course issuer bid (“NCIB”) for up to 7,686,777 ordinary shares of the Company’s capital. You completed your final payment. of USD $840,000 to Sapientia Technology, LLC to satisfy all outstanding payment obligations in connection with the acquisition of Sapientia (“Sapientia”). The company’s total assets remained strong at $59,407,542 as of May 31, 2022.
Highlights from the Eat Well Group portfolio
Belle Pulses (100% owned by Eat Well Group) reported record revenue of $15,176,692 for the three months ended May 31, 2022, compared to $14,214,467 for the same period in 2021, which represents an increase in revenue of 6.8%. The improvement was mainly driven by the normalization of market dynamics after COVID-19 in the human food and pet food sectors, Belle Pulses recorded a record gross profit of $2,032,199 for the three months ended on May 31, 2022, compared to $1,273,675 for the same period in 2021. , representing an increase in gross profit of 59.6%. The increase in gross profit was primarily driven by continued product mix favoring higher margin items in emerging products and price favorability in certain pea varieties Belle Pulses achieved record net earnings of $1,370,279 during for the three months ended May 31, 2022, compared to $346,182 for the same period in 2021, representing an increase of 295.8% Management believes that reduced yields from severe droughts in Europe, global conflict , climate change and rising plant-based food price parity during global inflation are the start of Belle Pulses record performance.
Majority-owned portfolio company Amara Organic Foods (“Amara”), one of America’s fastest-growing baby food brands, is expanding into the club channel, doubling its distribution footprint from 28 to 56 clubs, as well as increasing its distribution. 76% e-commerce performance from Q1 to Q2 2022, in addition to relaunching their website and increasing AOV (Average Order Volume) by 31% with optimized merchandising. Sapientia continues to gain distribution in Federated Co-Op stores with approval granted for an expansion of 350 to 550 more convenience stores in the third quarter, for a total of 700 to 900; while the team has advanced R&D and pipeline development of pet treats and new forms of “homemade for kids” snacks, as well as developing a regional DSD testing strategy for execution in end of 2022.
“Belle Pulses’ performance is exceeding expectations, and we are very pleased with the growth rate and strong execution ability of Tony and Francis Gaudet as they continue to lead Belle Pulses. The team achieved record revenue and gross profit record while fulfilling their mission to feed families globally, while our investments in GPC continue to grow rapidly across channels. I am confident that we are on the right track and the market will appreciate how robust the companies in EWG’s portfolio,” commented Marc Aneed, the company’s president and CEO. “Food security has become a major concern around the world. From severe weather to disrupted supply chains to global conflict, they make our investment thesis more timely than ever. Real food , right now, is what the world needs, and that’s what Eat Well’s portfolio companies are delivering every week,” continued Aneed. “We’re incredibly excited about where we’re headed and look forward to continuing to grow the management teams in the future.”
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ABOUT THE EATING WELL GROUP
Eat Well Group is a publicly traded investment firm primarily focused on high-growth companies in the agribusiness, food technology, plant-based and ESG (environmental, social and governance) sectors. The Eat Well Group management team has an extensive track record of sourcing, financing and building successful businesses across a wide range of industries and maintains a current investment mandate in the health/wellness industry. The team has funded and invested in early-stage venture companies for over 25 years, resulting in unparalleled access to transaction flow and the ability to build a portfolio of opportunistic investments aimed at generating superior risk-adjusted returns .
The Canadian Stock Exchange has not approved or disapproved of the information contained herein and accepts no responsibility for the adequacy or accuracy of this press release.
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