November 23, 2021
Canadian investment issuer announced it has signed a letter of intent to acquire plant-based milk brand . The transaction would be part of an agreement to purchase all outstanding shares from Mylk Brands, Inc., which owns Banana Wave as a subsidiary.
Based in Boca Raton, Florida, Banana Wave’s plant-based milks are made from oats and real bananas. All of its beverages are free from soy and gluten, and contain 90 calories or less per serving. Its products come in five varieties: original, unsweetened original, mango, chocolate and strawberry.
“We are delighted to be able to add Banana Wave to Eat Beyond’s roster of portfolio companies,” said Michael Aucoin, Eat Beyond CEO, “Banana Wave products are truly differentiated in an increasingly competitive dairy alternative category. With truly great flavour and compelling nutritional benefits, we believe the Banana Wave brand is a product on the cusp of greatness.”
According to Eat Beyond, the proposed transaction is still subject to regulatory approval, definitive documentation and third-party valuation of Mylk, Inc. Eat Beyond’s includes other successful alt-protein brands including Nabati Foods, Zoglo’s Incredible Food, Inc. and Eat Just, Inc.
Steve Gelerman, CEO of Banana Wave said, “We are delighted to be able to partner with the Eat Beyond team to help realize the true potential of Banana Wave. We have had tremendous early success in building the brand and with the financial resources and advisory capabilities of Eat Beyond, we intend to make Banana Wave a true market leader.”
Aucoin added, “Steve and the team have a track record of building great food companies. His leadership at Ian’s Natural Foods established it as an iconic natural foods brand and he brings that wealth of experience along with the tremendous products of Banana Wave”.
Banana Wave’s line can be found on Amazon, as well as major retailers such as Albertson’s, Safeway, Sprouts, and Whole Foods Market.