On Dec. 24, Jenner & Block advised its client Cizzle Brands Corporation in connection with the credit facility executed in the completion of its acquisition of Flow Water Inc. from RI Flow Sub LLC. Cizzle Brands is a Toronto-based sports nutrition company that is elevating the game in health and wellness.
The C$83.75 million acquisition was funded through a comprehensive financing package, including a senior secured credit facility from Orion Infrastructure Capital together with a take-back loan from RI Flow Sub and two concurrent non-brokered private placements. Upon completion, Cizzle will rename the acquired company to Cizzle Brands Manufacturing Inc. and its manufacturing facility in Aurora, Ontario will become known as the CWENCH Hydration Factory.
"To say that this transaction is a pivotal moment in Cizzle's history would be an understatement," said John Celenza, Founder and Chief Executive Officer of Cizzle Brands Corporation. "By acquiring Flow's manufacturing business, we are adding a substantial and profitable manufacturing platform that immediately increases revenue, improves margins, and materially accelerates our path to sustainable cash flow."
The acquisition was completed pursuant to the terms of a definitive share purchase agreement subject to customary post-closing adjustments.Terms of the transaction were announced in a press release.
The deal team for the credit facility was led by Partners Anna Meresidis and Martin Glass, and included Associates Judy Kim and Kristen Iglesias.