Westbridge Capital Completes the Sale of its Majority Equity Interest in Bioriginal
Westbridge Capital Ltd. ("Westbridge”) is pleased to announce the sale of its majority equity interest in Bioriginal Food & Science Corp (“Bioriginal”) to Omega Protein Corporation (NYSE: OME).
Since inception in 1993, Bioriginal has become a global leader in the development and distribution of high-quality, innovative Omega solutions. Headquartered in Saskatoon, Saskatchewan, Canada, the company maintains production facilities in North America, Europe and Asia, and a global distribution network that spans six continents.
The total purchase price (all figures in US dollars) is expected to be approximately $70.5 million, plus $0.7 million for estimated working capital adjustments, and will consist of approximately $46.5 million in cash, assumption of $21.5 million of Bioriginal's indebtedness and approximately 0.2 million restricted shares of Omega Protein's common stock issued to Bioriginal's executive shareholders valued at $3.2 million based on the average closing price of Omega Protein's shares for a 30-day period. Bioriginal's executive shareholders are also eligible to receive additional cash consideration if Bioriginal achieves certain financial targets over the next three years.
About Westbridge Capital Ltd.
Westbridge is a private equity management company. Westbridge focuses exclusively on real estate and private equity investments that by their nature have little correlation to publicly listed securities and may be used to diversify a portfolio and reduce overall portfolio risk and volatility.