White and private label hemp and nutraceutical manufacturer Bloomios, Inc. has announced the acquisition of Infusionz, a leading gummy manufacturer.
The acquisition includes Infusionz's portfolio of CBD gummy brands and customers, along with its associated order flow, product formulations, manufacturing operations, equipment and sales team. The total purchase consideration of approximately $23.5 million was paid to Upexi, the parent company of Infusionz.
"This acquisition enables us to better address unmet demand and significantly improve our operational capabilities," stated Michael Hill, CEO of Bloomios. "In addition to the new brands and expanded manufacturing capacity, it brings with it a substantial amount of new order flow, positive cash flow, valuable customer relationships, and a highly-capable sales team to drive further growth."
Santa Barbara, Calif.-based Bloomios says the added operations are expected to more than double current production capacity across key production lines, while reducing redundant costs across both the acquired and existing operations. The acquisition will help boost annual revenue by an estimated $22 million.
"We believe this acquisition extends our ability to rapidly create and launch products into today's booming market for natural, plant-based nutraceutical products," added Hill. "It should allow Bloomios to tap into the high margin direct-to-consumer market for the first time."
Currently, Bloomios offers more than 80 customizable hemp products across seven categories for private label use.