Green Bridge Industries makes move to acquire Absolute Natural Blenders
ANB supplies FDA-regulated custom personal care products to the hotel, resort and spa industry throughout the United States, while Green Bridge has forged a name for itself as a provider of environmentally sound cleaning products to the medical, military, retail and agricultural markets.
ANB specializes in the contract manufacturing of high quality sun care and skin care products, providing turnkey services for all aspects of personal care production, from formulation through to packaging.
Green Bridge eyes total ownership
The two companies confirmed today that they have signed a letter of intent that should ultimately give Green Bridge Industries 100 percent ownership of ANB.
The deal is subject to customary due diligence and regulatory approval, as well as a definitive agreement between the two companies, which will be signed within the next 15 days.
Executives at the two companies came to a decision that ANB would be given an undisclosed amount of Green Bridge convertible preferred stock as payment for the acquisition.
Once the agreement is finalized, Florida-based ANB will become a wholly-owned subsidiary of Green Bridge, while the day-to-day running of the business will remain in the hands of the current ANB management team.
“The manufacturing capabilities and relationships ANB has in the Resort and Spa industry, combined with the ‘green’ initiatives of Green Bridge, creates an excellent opportunity to deliver value to our shareholders,” said David Gubb, Green Bridge CEO.
New Jersey-based Green Bridge uses proprietary technology to develop bio-renewable cleaning products.