Naturally Splendid Secures C$5M Contract Targeting Bar/Snack Market
June 14th, 2018
News, Top News
The global bar/snack market is expected to grow significantly over the coming years, according to market analysts, driven by growing demand for healthy snacks to support nutrition and wellness. While there are many different companies in the space, investors may want to pay especially close attention to smaller companies that are just starting to scale up their operations for the greatest upside potential.
Naturally Splendid Enterprises Ltd. (TSX-V: NSP) (OTC: NSPDF) represents a compelling opportunity in the space. After acquiring new equipment earlier this year, the company secured a C$5 million contract to produce unique bar/snack products in North America.
Rapidly Growing Snack Market
The global snack bar market is expected to grow significantly over the coming years, according to MarketResearch, driven by both millennials and baby boomers demand for healthy daily snacks to support nutrition and wellness. In addition, there is rising demand for vegan snack bars from consumers who lead a vegan lifestyle that opts for healthy substitutes for meat, dairy, and other conventional protein sources.
There are many different snack bar segments:
Naturally Splendid’s Elevate Me™ brand focuses on lifestyle and healthy meal replacement products that include energy bars and on-the-go oatmeals distributed throughout North America — one of the most lucrative markets for snack bars. The Elevate Me™ brand can be found in more than 1,000 retail stores, including Costco, Whole Foods, Choices, Save On Foods, Sobeys, London Drugs, Thrifty’s, Rexall, and many more.
The company’s sales and marketing efforts in the space are led by VP of Sales & Marketing Alan Maddox, who has more than 30 years of experience in the food industry. Prior to Prosnack, the company was Director of International Sales for McCain Foods where he was responsible for overseeing sales in over 70 countries, as well as President of Sepp’s Food Group where he grew sales from C$1 million to over C$88 million.
Landmark $5M Manufacturing Contract
Naturally Splendid recently signed a C$5 million, five-year bar/snack manufacturing contract through its Prosnack Natural Foods division.
“Securing this new manufacturing contract will provide NSE with needed revenue and access to new markets,” said CEO Douglas Mason. “Increasing our production capacity and product innovation capabilities was an important objective, this now gives NSE the flexibility to approach new customers and significantly add to our service offerings. We see private labeling and co-manufacturing as enormous opportunities for added revenue, we are currently in advanced discussions with other companies seeking similar manufacturing requirements.”
The contract comes shortly after the company acquired a new state-of-the-art bar/snack manufacturing machine designed to serve high-volume clients with top-quality products.
“After completing the transition to the NSE facility in April 2018, one of our core focuses was to increase production capacity to meet demand for larger clients’ requirements,” said VP of Sales and Marketing Alan Maddox. “Acquiring this new machinery has supported us to complete this objective. The production interruption we experienced with the transition to the NSE facility near the end of Q4’17 and Q1’18 is now behind us and, with resumed production at the new facility, we are actively seeking more commitments from previous and new clients.”
The combination of high-volume processing and a new contract could point to near-term revenues and value creation for shareholders.
Naturally Splendid Enterprises Ltd. (TSX-V: NSP) (OTC: NSPDF) represents a compelling opportunity within the growing bar/snack industry. With its new machine and recently awarded contract, investors may want to take a closer look at the company as it begins ramping up its revenue and unlocking long-term shareholder value.
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