LEEDERVILLE: OBJ Limited has entered into a share sale agreement to acquire 100% of the shares in Export Corporation (Australia) Pty Ltd, the owner and operator of Nutrition Systems, a leading distributor of nutrition products, against consideration of $85 million.
Nutrition Systems is a highly profitable distributor and wholesaler of nutritional wellness products in Australia and New Zealand – focus on highest quality sports nutrition products from the USA.
The acquisition will strengthen the growth of OBJ by positioning it closer to both its target markets and the end consumer through Nutrition Systems extensive distribution network of specialty stores, major pharmacy and grocery chains throughout Australia and New Zealand.
It will also allow the Nutrition Systems business to access OBJ’s technology platforms and manufacturing expertise. Total acquisition consideration of $85m of which $50m to be satisfied with cash and $35m in equity.
Acquisition of Nutrition Systems includes purchase of associated NSW distribution centre plus stock and debtors as part of the total purchase consideration. Upon settlement, OBJ proposes to change the Company’s name to Wellfully Limited.