Elixinol has signed a binding agreement to acquire Vitable, according to a LinkedIn post by Elixinol. The deal remains subject to shareholder approval and other conditions. The financial amount was not disclosed in the sources.
The post described the agreement as potentially transformational for Elixinol's business. According to the post, Vitable brings a direct relationship with customers and insight into what they need, beyond personalised supplements. Combined with Elixinol's existing brands, the post stated, that creates opportunities to grow across everyday wellness and build a more personalised business for the future.
The post also said Elixinol's team had worked over the past few years to put the company on stronger footing, and that it is now in a position to pursue the opportunity. It expressed excitement about what could be built with the Vitable team.
The post directed readers to Elixinol's full announcement for further details.