Better For You Wellness, Inc. BFYW, an Ohio-based wellness company, is set to acquire The Ideation Lab (TIL) LLC and its subsidiaries, according to a binding Membership Interest Purchase Agreement (MIPA) obtained exclusively by Benzinga.
TIL, founded in Ohio in 2019, has made a name for itself in the wellness industry through its offerings in functional beverages, skincare, personal care, women’s mental wellness products, and centralized administrative operations.
The deal, valued at $3 million, will be conducted using BFYW stock. TIL shareholders can choose between preferred shares or common shares before October 1, 2023.
Key figures in TIL’s leadership, including Jacob Ellman and founders Ian James and Stephen Letourneau, will opt for preferred shares to minimize shareholder dilution and ensure management continuity.
TIL’s centralized administrative operations have excelled in the functional beverage sector. The Jordre Well and its Stephen James Curated Coffee Collection (SJCCC), a premium coffee brand, have gained traction in the market with sales channels at Kroger, Amazon, resorts, retailers, and boutiques.
SJCCC’s coffee offerings, including whole bean dark, medium, and light roasts, as well as K-Cups and Nitro Cold Brew, have received positive feedback. Multiple national retailers are currently evaluating the Company’s K-Cups and Nitro Cold Brew.
TIL’s expansion plans include entering major grocery chains, retailers, and resorts, with a focus on its CBD coffee collection, which includes whole beans and ground coffee. The company also plans to expand into individual K-cup pods and canned Nitro Cold Brew.
Letourneau and James have extensive experience in the cannabis and wellness sector, having played key roles in the legalization of medical marijuana and hemp in Ohio.
Letourneau, the chief brand officer for CBD Cannuka skincare, successfully led its reformulation, repackaging, and expansion into major retailers, resulting in significant sales growth. Letourneau and James, who are partners in business and life, hold controlling interests in Better For You Wellness and have worked closely with the company’s independent board of directors.
Under this acquisition, Better For You Wellness aims to expand its plant-based product lines and continue its community-focused initiatives through GIVZ, a platform that directs donations to various causes.
James, CEO of BFYW, expressed excitement about the acquisition and its potential to increase shareholder value and achieve profitability in the near future. The transaction is set to conclude by November 15, 2023, pending a third-party fairness opinion and the submission of two years of audited financial statements for transparency.