VANCOUVER, BC. — Investment firm Blackhawk Growth Corp. has completed the acquisition of the remaining stake in Stable Foods Co. (formerly known as NuWave Foods). Based in Edmonton, Alta., Stable Foods Co. is a fully licensed commercial kitchen and baked foods manufacturer that utilizes a process to create a shelf-stable baked product without the use of any preservatives.
Stable Foods operates an 8,000-square-foot facility in Edmonton. The company has relationships with grocery retailers across North America, primarily supplying donuts and cakes. Stable Foods also has a distribution agreement with Bakemark Canada.
Under terms of the transaction, Blackhawk acquired the remaining 49% interest in Stable Foods it did not already own and has issued 3.2 million common shares to the company’s existing shareholders at a price of C41¢ (32¢) per share. A 120,000-share finders’ fee was paid to an arms-length third-party in connection with the closing of the acquisition.
“With the closing of the transaction, Stable Foods is finally a wholly owned subsidiary of Blackhawk,” said Frederick Pels, chief executive officer of Blackhawk Growth Corp. “Stable Foods is expected to be a significant asset, and I look forward to updating shareholders with its progress over the coming months.”Blackhawk Growth said Stable Foods Co. will continue to form a key part of the company’s existing portfolio of investments, which also includes Spaced Food, a maker of shelf stable cannabis-infused edibles. Stable Foods Co.’s existing management team led by Scott Manley will continue to retain responsibility for overseeing day-to-day operations.