Yooma Wellness has acquired the award-winning brand Vitality CBD for £10.2m via its wholly owned subsidiary, Yooma Europe Limited.
Global vertically integrated wellness platform Yooma Wellness has completed the acquisition of Birmingham-based Vitality CBD, which has had a gross turnover of £1.6m in the six-month period to 30 June, 2021.
The acquisition gives Yooma and its subsidiaries exponential exposure to mainstream retail outlets such as Boots, Tesco, Asda and Lloyds Pharmacy, as well as expanding the Group’s target customer base and distribution network for its existing European-focused brands.
Expanding into new markets
This is the first acquisition made since Yooma completed its dual-listing on the AQSE Growth Market in London and is part of Yooma’s buy-and-build strategy.
Vitality CBD, which is one of the most widely stocked CBD brands in the UK with products including oils, sprays, edibles and cosmetic products, will be focusing on growing revenue and margin in the latter half of 2021 and looking at expanding its distribution to other European and international markets.
Lorne Abony, Chairman of Yooma, said: “Completing the acquisition of Vitality is the first step of the strategic plan the company outlined to investors at the time of our UK financing and dual-listing – to buy and build companies globally, focused on materially increasing the company’s top-line revenue, leveraging the Group’s integrated supply chain to drive margin growth, and expanding distribution for the existing product portfolio.
“This acquisition will help accelerate our growth by exporting these branded products to other Yooma jurisdictions and integrating with our MYO Plant Nutrition operations and distribution. Vitality is a market leader in the UK with presence in major retail outlets such as Boots, Tesco, Asda and Lloyds Pharmacy and we look forward to working with the team at Vitality.”
Vitality CBD co-founder and managing director, Nikhil Nathwani, commented: “The whole Vitality CBD team are excited to be joining the Yooma group. CBD is a growing industry not only in the UK but globally, and the acquisition positions us nicely to be able to continue to expand and grow the business.”
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