Pond Technologies Holdings Inc. (Pond) announced it has acquired the exclusive Canadian distribution and sales rights for certain products of RFI, LLC (RFI), a U.S. based food ingredient and health nutrition blend supplier.
“Pond is pleased to add RFI to a growing number of key strategic and commercial relationships. The acquisition of their Canadian distribution rights will firmly establish Pond as a vertically integrated supplier of quality nutraceutical products,” says Steve Martin, Pond CEO. “In addition, access to RFI’s extensive U.S. distribution network will help us expand the market for Pond’s algae and Astaxanthin branded products. We are also very excited to welcome Grant Smith as a permanent member of Pond’s management team. As an advisor, Grant has brought a wealth of industry knowledge and experience to the decision-making process at Pond. We look forward to Grant’s continued contribution to Pond’s growth and profitability in the important role of Vice President, Pond Naturals.”
RFI is a leading North American purchaser and re-seller of Spirulina and Chlorella, providing Pond with a vertical integration channel for its algae and related products. The rights were previously held by RFI Canada Partnership, an Ontario partnership comprised of RFI, and 2197992 Ontario Inc.
Details of the deal include:
“Pond is pleased to add RFI to a growing number of key strategic and commercial relationships. The acquisition of their Canadian distribution rights will firmly establish Pond as a vertically integrated supplier of quality nutraceutical products,” says Steve Martin, Pond CEO. “In addition, access to RFI’s extensive U.S. distribution network will help us expand the market for Pond’s algae and Astaxanthin branded products. We are also very excited to welcome Grant Smith as a permanent member of Pond’s management team. As an advisor, Grant has brought a wealth of industry knowledge and experience to the decision-making process at Pond. We look forward to Grant’s continued contribution to Pond’s growth and profitability in the important role of Vice President, Pond Naturals.”
RFI is a leading North American purchaser and re-seller of Spirulina and Chlorella, providing Pond with a vertical integration channel for its algae and related products. The rights were previously held by RFI Canada Partnership, an Ontario partnership comprised of RFI, and 2197992 Ontario Inc.
Details of the deal include:
- RFI and Pond agree to negotiate distribution agreements within the next 12 months under which RFI agrees to buy from Pond a minimum of 100 metric tonnes of nutraceutical Spirulina algae annually, and to receive US distribution rights for Pond bulk ingredients including retail distribution of Pond’s Astaxanthin brand;
- Pond receives the exclusive distribution rights for an initial term of five years with an exclusive right to renew for a further five years provided certain sales targets are met;
- Pond Naturals will resell certain RFI products and promote algae derived products into growing high value markets, including nutraceuticals, food colourants, cosmetics, and animal and aquaculture feeds; and
- Grant Smith, President, RFI Canada Partnership and 2197992 Ontario Inc., and Pond strategic advisor, will join Pond Technologies full-time as Vice President of the Pond Naturals division.
As President of RFI Canada Partnership and 2197992 Ontario Inc., Smith has served as a valued ingredient and formulation advisor to North America’s leading nutraceutical, food and beverage companies, and will be responsible for the management and growth of the Pond Naturals Division.
“I am excited to join Pond’s leadership team,” says Smith. “I have over 20 years of industry experience, developing new sales channels and growing market share and I am here to lead the sales efforts to get Pond’s high-value algae products onto the world stage. We have laid the ground-work for the Pond Naturals brand, and with my experience, and the product offerings, we are poised to deliver reliable recurring revenues, beginning right now.”
According to Jeffrey Wuagneux, founder and CEO of RFI, said that was pleased to be partnering with Pond.
“The acquisition of our Canadian distribution company will allow us to continue to grow our business and create exciting new product development and sales opportunities globally by maximizing both companies’ technology and platforms,” said Wuagneaux.
According to Jeffrey Wuagneux, founder and CEO of RFI, said that was pleased to be partnering with Pond.
“The acquisition of our Canadian distribution company will allow us to continue to grow our business and create exciting new product development and sales opportunities globally by maximizing both companies’ technology and platforms,” said Wuagneaux.
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