Legal experts from the UK and Canada offices of international law firm Gowling WLG have acted for PlantX Life Inc., a Canadian online platform selling plant-based meals and juices, on its £8 million acquisition of UK based e-commerce company Bloomboxclub Limited.
Bloomboxclub UK sells and delivers indoor plants to its established wellness community via a subscription service and online shop and has been acquired by Canadian Stock Exchange listed company PlantX for a total consideration of £8 million – a combination of £560,000 in cash and £7.4 million in common shares in the capital of the PlantX.
The acquisition will help PlantX execute on its international expansion strategy, as well as expand its e-commerce capabilities.
Davey Brennan, corporate partner and co-chair of global tech at Gowling WLG, and principal associate Alex Davidson advised on the deal from the UK corporate side supported by specialists from across the firm. Toronto based partners Peter Simeon and Josh Almario, assisted by senior associate Harrison Sversky, advised on the Canadian corporate side of the deal.
Commenting on the combined team's role, Davey Brennan said: "It has been fantastic to play a part in delivering a truly multi-dimensional package of advice surrounding this exciting acquisition, which heralds a stronger global e-commerce proposition for customers in the plant-based services space.
"The transatlantic nature of this particular tech deal, working closely with our talented colleagues in Toronto, matches Gowling WLG's ability to draw on relevant expertise from across its global platform – customising this expertise to help clients succeed is at the heart of what we do."
Bloomboxclub UK will continue to operate as a wholly owned subsidiary run by its founder, Dr. Katie Cooper and her UK team, while leveraging the deep e-commerce and technical expertise of PlantX to drive higher conversions and accelerate expansion into the Netherlands, Germany and the rest of Europe. Further, Bloomboxclub UK will lend PlantX its expertise in the houseplant vertical market to enable them to grow further in the North America.
PlantX plans to continue sourcing its plants from Geoponics, but will also grow its selection by having Bloomboxclub UK locate additional partners that will make their plant inventory and products available on the company's ecommerce platform.