Eshbal Functional Food expands with acquisition in North America
To reinforce its expansion efforts in North America, Eshbal has appointed Avi Markus as Chief Commercial Officer for the region.
ISRAEL/CANADA – Eshbal Functional Food Inc., a gluten-free and wellness-oriented food producer headquartered in Israel with a North American base in Vancouver, has finalised a binding letter of intent to purchase a 55% stake in Dare to Be Different Foods (D2BD), based in New York.
Earlier this month, Eshbal signed a letter of intent to acquire Gluten Free Nation, a Texas-based producer specialising in gluten-free breads and baked goods.
Founded in 2012 and headquartered in New York, Dare to Be Different Foods is known for its high-quality, low-carb, gluten-free frozen items, including crusts, crisps, and gnocchi, crafted with wholesome ingredients such as broccoli and cauliflower.
Eshbal’s planned acquisition of Dare to Be Different Foods (D2BD) involves a dual payment structure: a cash subscription for newly issued D2BD securities, and the issuance of Eshbal shares to existing D2BD shareholders.
This combined consideration will be paid upon closing, contingent on a definitive agreement with standard conditions. Should D2BD meet specific revenue milestones, more Eshbal shares may be issued later.
Final payment details and share pricing will be determined post due diligence and set at the time of the agreement’s execution and public announcement.
Canada-listed Eshbal stated that the deal remains contingent on finalising a definitive agreement between the parties and securing approval from the TSX Venture Exchange.
To strengthen its expansion efforts in North America, Eshbal has appointed Avi Markus as Chief Commercial Officer for the region, with over 25 years of expertise in consumer-packaged goods and better-for-you food brands.
In the new role, Markus will oversee commercial operations that include sales, distribution, partnerships and business development in North America.
Markus joins the team from Else Nutrition, where he previously served as Senior Vice President for North America Retail.
Earlier this month, Eshbal signed a letter of intent to buy Texas-based Gluten Free Nation.
Although the company serves both foodservice and retail channels in Israel, its recent reverse takeover of Canada-based Hakken Capital Corp. marked a key entry into the North American market, securing a listing on the TSX Venture Exchange in the process.
Eshbal’s latest financial statement indicates that the company achieved annual revenue of roughly US$11.4 million by the close of 2024.
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