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StonePoint Group Limited has announed that the company completed the acquisition of the assets of Pen Bay Foods Inc., doing business as Nationwide Springs and Great Water a Custom Label (CL) Bottled Water Company based in Monterey, California.
StonePoint has acquired all tangible assets and assume the existing contracts of Pen Bay for the consideration of $1,924,250. StonePoint has agreed to pay $1,024,250 in cash with $400,000 payable by way of a convertible debenture and a further $500,000 payable by way of a promissory note, to the existing owners of Pen Bay Foods Inc.
StonePoint has retained the services of all critical staff, including Kenneth Churchill, founder and operator of Pen Bay. Churchill brings extensive experience in sales and marketing within the CL sector, as he has been integral in developing the growth of Pen Bay.
"With bottled water being the fastest growing segment of the beverage industry and private label water driving this growth, this acquisition situates StonePoint perfectly to take advantage of opportunities in this area" comments Ted Konyi, president.
StonePoint Group Limited is a diversified beverage company that develops, produces and markets premium beverages for the private label and branded markets.