Vejii to Acquire UK-Based e-Commerce Platform Frozenly.
MANews-(C)2009-2022
Canada-based online marketplace Vejii Holdings Ltd. (CSE: VEJI) (OTC: VEJIF), specialized in plant-based and sustainable products, has signed a non-binding letter of intent contemplating the acquisition of UK-based plant-based foods e-commerce platform and marketplace Frozenly Ltd. Inc., the company said.
If completed, the proposed acquisition will expand Vejii's footprint into the United Kingdom, achieving a key milestone for the company.
Frozenly owns and operates MightyPlants.com, an e-commerce platform and marketplace that provides Direct to Consumer logistics and delivery for plant-based foods across the UK.
Frozenly has already established distribution in the UK market and formed relationships with top domestic and international brands.
Similar to Vejii's fulfilment model, Frozenly acts as an agent for brands, providing D2C order fulfilment services and sample distribution through its inventory consignment model.
The UK represents one of the strongest global markets for the plant-based foods industry.
In a report by Mintel, sales of meat-free products in the UK saw a 40% growth rate from approximately GBP 582m in 2014 to approximately GBP 816m in 2019; and are expected to be in excess of GBP 1.1bn by 2024.
The UK plant-based milk alternatives market was valued at GBP 260m in 2019 and is expected to increase by more than double by 2025 to approximately GBP 565m.
The company said it believes that the UK market presents a strong opportunity for expansion.
With a dense population of plant-based consumers in a small geography, having a centrally located distribution centre would allow the company to deliver frozen product D2C across the country with same-day service.
The company expects additional benefits from the integration synergies that it anticipates resulting from...
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