US: Amcon acquires Trinity Springs
The US food distributor Amcon Distributing has agreed to pay US1.3m to acquire the Trinity Springs bottled water company to add to its small but growing beverage business.
The Omaha-based Amcon will acquire Trinity Springs Ltd.'s bottling plant, equipment, water sources and brand name. The deal does not include Trinity shares, however.
According to a US Securities and Exchange Commission filing, Amcon will also hand to Trinity promissory notes worth US$3.3m.
Amcon's Trinity assets will become a new holding company, TSL Acquisition Corp.
Amcon will pay Trinity a royalty of $0.03 per litre of water extracted from its springs, or at least US$206,400 in the first year and US$288,000 in subsequent years, according to the SEC filing.
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