Zinzino announced its acquisition of 49% of the shares and votes in Cleanthi Alpha-Olenic LTD, a Cypriot producer of olive oil. Cleanthi’s certified Koreneiki olives grown in orchards that are free of artificial fertilizer and pesticides are manufactured through a patented process of pressing olives, which produces olive oil with up to 30 times the polyphenol content of regular olive oil.
The acquisition is a strategic move for Zinzino as it seeks to secure a reliable supply of high-quality olive oil for its existing and future product lines. Currently, most of Cleanthi’s production is run on a small scale and mostly dedicated to Zinzino’s existing products R.E.V.O.O and BalanceOil Premium. With the acquisition of Cleanthi’s IP rights, Zinzino will have additional opportunities to develop and increase brand protection for its BalanceOil, which accounts for approximately 60% of the group’s total revenue, and expand production to meet increasing demand for its products.
Zinzino paid $2 million at closing, of which $1.3 million are newly issued Zinzino shares, with the option to acquire an addition 1% of the company from the sellers for just over $1 million.
“Individual advice and customized solutions are the future, and not just in health and wellness,” said Dag Bergheim Pettersen, Zinzino CEO. “By working with Cleanthi, we are strengthening and advancing our brand protection and securing important olive oil production.”
