Simply Better Brands will acquire all of the issued and outstanding common shares, as well as the outstanding debt, of Jones for $98.9 million, with the goal of increasing shareholder value and accelerating sales growth in three global verticals:
- Food and Beverage: Jones Soda and TRUBAR
- Plant-Based Wellness – CBD and THC: PureKana, Seventh Sense, Herve, Mirage and Mary Jones
- Health and Beauty: No B.S. Skincare
“Our growth model remains consistent: acquire and build emerging Gen Z and Millennial brands in the wellness space through category, channel and geographic expansion,” said Simply Better Brands CEO Kathy Casey. “We see joining forces with Jones as an incredible fit due to a common wellness mission, consumer cohort, and leadership approach. Our previous acquisitions of PureKana, TRUBAR and No B.S. brands have yielded tremendous opportunities to fuel our growth and we are thrilled to have the opportunity for the iconic Jones brand to join our expanding portfolio. We believe that in addition to solving consumer problems in the wellness place, this latest move will be fundamental to driving shareholder value.”
Through the merger, the companies aim to leverage Jones’ distribution network and Simply Better Brands’ direct-to-consumer strengths and its key brick-and-mortar customer relationships. Upon completion of the transaction, Simply Better Brands intends to change its name to some derivation of "Jones Soda" and choose a new trading symbol.
“We are very excited to be bringing together the two companies to further accelerate top line growth and bottom line improvements,” said Jones CEO Mark Murray. “For Jones, this combination will deliver diversification to our core business. We are bringing together not only strong consumer brands but also two strong management teams that we believe will deliver growth and operational synergies.”
Jones Soda unveiled a lineup of new products under the Mary Jones brand in March. Available in California, the portfolio leverages 25 years of a mass market-established equity across brand, beverage, flavors and fans.