Plant Organic buys Great Ocean

Planet Organic to pay $2M for Great Ocean Natural Foods of Halifax

EDMONTON (CP) - Planet Organic Health Corp. has signed an agreement to buy the Halifax Great Ocean Natural Foods store for $2 million, the natural food retailer said Tuesday.

Planet Organic owns and operates natural food supermarkets in Edmonton, Victoria, Calgary and Port Coquitlam, B.C., and a chain of supplement and market stores across Canada.

It will pay $1.3 million in cash, assume $500,000 in liabilities and issue 235,294 shares to complete the transaction, the company said.

Great Ocean generates more than $4 million in annual revenue, Planet Organic said in a release.

"The Great Ocean Natural Foods acquisition represents another strategic move for Planet Organic," said Planet Organic CEO Mark Craft. "With more stores and a national presence, we will continue to build our revenues, increase our buying power and offer our customers a wide range of healthy organic and natural living products."

Planet Organic paid $4 million in July for Sangster's, a 35-store national chain, and in early August signed a deal to acquire vitamin and mineral maker and distributor Trophic Canada Inc. for about $6 million.

Shares in Planet Organic (TSXV:POH) last traded Monday at $1 on the junior TSX Venture Exchange.

canadaeast.com