Isodiol International Inc. (ISOL), an international company dedicated to the development of cannabidiol-based pharmaceuticals and wellness products, announced today that its wholly owned subsidiary, IsoBev Inc., has reached a definitive agreement to acquire Azure Bottling, LLC.
Featuring state of the art facilities, Azure was listed as one of GrowlFL’s top 50 companies in Florida to watch for economic impact and was awarded the 2017 gold medal for Best Tasting Water at the Berkeley Springs International competition under its affiliated brand AlphaPure.
With manufacturing and distribution agreements to supply water for Sysco, McArthur Dairy / Dean Foods, and Dollar General Stores throughout the United States, Azure is capable of producing 5.3 million bottles of water a month. Once the company completes space and efficiency improvements, Azure’s production capacity is expected to expand to 8.53 million bottles per month.
With a focus on growing the company’s portfolio of beverage brands, the company hopes to use its latest acquisition, as well as future endeavors, to leverage additional support and distribution for its in-house developed beverage brands. In a statement, Isodiol CEO Marcos Agramont praised this latest acquisition, calling it an important step in the company’s continued efforts to accelerate growth.
“The acquisition of the Azure water bottling facility is an important milestone for Isodiol,” said Agramont. “This facility unlocks the value of our beverage portfolio such as our CBD and hemp waters and the growth potential of some of our core business competencies. It is the next logical step in our ongoing effort to accelerate our growth trajectory and maximize value for our shareholders.”
Under the agreement, IsoBev will acquire 100% of Azure through a combination of stock and cash payments. Initially, IsoBev will pay $1 million cash upfront and then an additional $300,000 in six months. IsoBev will also pay Azure $1 million in 36 month escrowed stock, which will be based on the closing price of the company’s stock on March 26, 2018.