New Zealand-based craft beer and cider product maker Moa Group plans to acquire bar and restaurant operator Savor Group in a $21.4 million deal.
Moa will seek shareholders’ approval to secure at least $7.8 million in cash up front to fund the deal. Savor Group has a market capitalization of $24.7 million.
The company, which will provide details on a proposed rights issue next year, will help fund the acquisition alongside bank debt and new equity, secured $2.7 million via a private placement in July.
As of September 30, Moa held cash and equivalents of just $793,000 and an operational outflow of $2.6 million during the preceding six months.