Canadians pay £8 million for Cambridge wellness enterprise
Law firm Birketts has advised the shareholders of Cambridge e-commerce wellness company Bloomboxclub on its sale to digital Canadian health organisation PlantX Life, Inc. for £8 million.
Founded in 2015, Bloomboxclub is a privately held e-commerce company that sells and delivers indoor plants and natural products across the UK via a subscription service and online shop.
Created by therapist and psychology lecturer, Dr Katie Cooper, Bloomboxclub delivers thousands of plants nationwide with the aim of boosting health and wellbeing.
Founded in 2019, PlantX offers over 10,000 plant based products including meals and indoor plants to customers across North America.
The Canadian company has a loyal community following, which benefits from its diverse selection of brands and from the education the company provides in connection with top nutritionists and chefs.
Through the acquisition, it is hoped that the technical expertise of PlantX will drive higher conversion rates and accelerate expansion into the Netherlands, Germany and the rest of Europe, leading in turn to further international growth. It is also anticipated that Bloom Box will locate new partners to help the company extend their plant inventory and product offering further.
Dr Cooper said: “We are delighted to join forces with a team committed to a strategic vision of such scale. In the PlantX family we feel we have found the right fit for our loyal community, a company who appreciate our drive to bring our client base the very best wellbeing products as well as our desire to expand our e-commerce capabilities.”
The transaction was led by Mark Pinder with assistance from Simona Gruodyte, Elizabeth Lo, Isabella Murray and Victoria Lawson (Corporate). Further support was provided by John Kahn (Tax), Josie Beal (Employment), Kitty Rosser (Data Protection and Privacy) and Lisa Hayward (Employee Incentives).
Birketts were also assisted by Partners Paige Backman and Jeffrey Merk from Canadian law firm Aird Berlis. PlantX were advised by Partners David Brennan (based in the UK) and Josh Almario (based in Canada) from Gowling WLG.
Birketts’ Lead Partner Mark Pinder said: “Both Bloomboxclub and PlantX boost an impressive skillset. Their combined ecommerce capabilities and marketing expertise should set them in good stead to consolidate themselves even further in the digital wellness market and make new forays into the rest of the EU. We are delighted to have assisted on this transaction and wish all parties the best for the future.”
Partner Robert Langston and Director Andrew Smith from Saffrey Champness provided support with accounting and seller tax clearances.