As we look ahead to the third quarter, we’ve got our eyes on Boosh Plant Based Brands (“Boosh”) (CSE: VEGI). The seasoned management team seem to be continuing to grow and conquer, developing and expanding product lines across Canada. And as the Company recently announced, across the US as well. What differentiates them from others in the plant-based sector? It’s their laser like focus on either developing or acquiring unique, overlooked entrees, dishes and appetizers. While others fight for plant-based burger space, Boosh concentrates on the areas that compliment the burgers; appetizers, spreads, dips and side dishes.
The ready meals market is currently growing at over 10% year-over-year and is expected to reach a market size of nearly US$150 billion in just a couple of years, yet there are few companies really pushing to capitalize on the growing trend. Luckily, Boosh has spotted the opportunity, and we plan on following their journey and reporting our findings.
One of the latest acquisitions comes in the form of plant based vegan cheese assets. Fully shelf stable, these assets come from Vegan Canteen, a Vancouver based company.
We believe the diamond within the acquired assets is easily the plant-based powdered cheese recipes, which are a staple in many different dishes. Boosh is not only utilizing the powdered cheese to enhance many of the recipes in their vault, but they are putting them in the R&D lab to develop and improve them, hoping to add more “cheesy punch” into the flavor.
The new recipes will be developed into their own individual products, to be sprinkled on the dish of any consumer who needs a break from dairy. The two new cheese flavors are dubbed “Better Cheddar” and “Nacho Cheese.”
“We loved the Vegan Canteen vegan cheese powder, but we pushed for even more cheesy flavour so now it’s over the top delicious. To stay true to our healthy mantra, the first three ingredients are nutritional yeast, pea protein and tapioca compared to many of our competitors in which their first three ingredients are sugar, oil and salt. With Boosh, you feel like you are eating something to curb that “fast food” craving yet it’s actually very healthy and leaves you feeling energetic and satisfied,” states Connie Marples, Founder and President of Boosh Plant Based Brands. Connie continues, “In addition to the cheese products the Vegan Canteen division developed a vegan gluten-free pepperoni that, during taste tests while served on pizza, fooled non-vegans into thinking it was a meat-based pepperoni. The pepperoni is expected to launch the first quarter of 2022.”
But the acquisition train doesn’t stop at (vegan) cheese.
Introducing: Saltspring Harvest. Saltspring Harvest develops lines of plant-based pate and seed-based spreadable dips. These whole-food products are high in protein and void of gluten, dairy, eggs, and nuts.
Did you know? Pâté is a paste, pie or loaf filled with something called a forcemeat. Common forcemeats include ground meat from pork, poultry, fish or beef; fat, vegetables, herbs, spices, and either wine or brandy (often cognac or Armagnac). Pâté can be served either hot or cold, but it is considered to develop its best flavors after a few days of chilling.
Given the growing number of intolerances to nuts, dairy, and gluten, these specs are essential to broadening the potential consumer base, bypassing as many dietary restrictions as possible.
The acquisition introduces Chef Zoe Currelly, founder of Saltspring Harvest, to the Boosh team.
“We’re delighted to welcome Chef Zoe and her team at Salt Spring Harvest into the Boosh family,” states Connie Marples, founder of Boosh. “At Boosh we strive every day to offer our customers high quality, delicious, plant-based heat-n-eat entrees. Now with the purchase of the Saltspring Harvest assets, we’re able to expand our offerings to include high quality appetizers and snack foods with this line of végé-pâté and vegan and seed based spreadable dips. Best of all, organic sunflower seeds are so sustainable! The flowers are drought resistant, and they take so much less water to grow than nuts and the birds and bees love them. It complements our growing portfolio perfectly. We can’t wait to expand the végé-pâté and spreadable dips throughout Canada and into the US.”
Boosh – Operations
Ali Samei has been in Food Processing and Supply Chain operations for 25 years.
Today, he is the Vice President of Operations for Boosh.
The newly appointed VP is known for hopping on board with emerging natural food companies. Early-stage, ample room to grow, and a foundation that can be conducive to rapid scale and growth are among the traits of companies that Samei has been involved with.
Since job titles are typically quite ambiguous, allow us to explain just what Samei does. Samie lends his expertise in operations, which entails all things on the back end of a business (outside of accounting) such as, but not limited to:
· Managing stock control and inventory, which helps increase predictability for controlled growth.
· Having a keen eye on budgets, budgetary changes, and supply chain fluctuations. Samei will help keep the bottom line as consistent as possible, while looking to maintain steady growth of the top line.
· Communicating internal company changes effectively to relevant parties and ensuring execution. This employee-facing responsibility is crucial to making sure that changes on paper translate to changes in real-life operations.
· Ensuring that health and safety regulations are followed. This will minimize any infractions or legal complications, which eat away at both productivity and the bottom line.
A few past companies that have underwent the Samei treatment have grown into nationally branded powerhouses.
Companies such as Yves Veggie Cuisine, Hain Celestial, Hippie Snacks, Organika, The Preservatory and UPGUYS have all been received the help of Samei and consequently saw significant growth in EBITDA.
Did you know? EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a measure of a company’s overall financial performance and is used as an alternative to net income in some circumstances.
“I don’t recall ever seeing such a promising opportunity from both the operational side and the public side as I see with Boosh,” states Samei. “I’ve spent a considerable amount of time with the founder and president of Boosh, Connie Marples, studying their existing operations and just as importantly, I’ve peppered CEO Jim Pakulis as it relates to their public structure. Here’s why I chose Boosh over many other opportunities: Boosh is an emerging, young, debt-free, 100% vegan, 100% plant-based food company that recently completed a successful IPO, has less than sixteen million shares outstanding where the majority of its competitors have greater than fifty million and many over one hundred million shares outstanding. In addition, Boosh has remarkably over 1,100 retail shareholders and growing, their insider ownership is approximately 28%, and a market cap about eighty percent less than its closest competitor. Combine that with seasoned, professional management on both the operational and public side, and I truly believe it’s a recipe for success,” Samei continues, “At this early stage I’d stack Boosh up against some of the largest nationally recognized brands I’ve consulted for when they first started. That’s how confident I am of Boosh and the Company’s future.”
Continue below to read Boosh’s most recent press release:
Boosh Acquires Salt Springs Harvest Ltd. in Substantially All Asset Purchase
Boosh Plant-Based Brands Inc. (CSE: VEGI) (OTC Pink: VGGIF) (“Boosh” or the “Company”) announces that on July 12th it entered into an Asset Purchase Agreement with Saltspring Harvest Ltd. (“Saltspring Harvest”) pursuant which Boosh will acquire the assets comprising Saltspring Harvest’s business…
Disclaimer: Boosh Foods is an Edge Investments communications client, and we own shares in the company.