GreenBank Portfolio Company Beelivery Acquires London-Based Competitor in the On-Demand Grocery Delivery Space and Seeks to Scale Growth

Rhea-AI Summary

GreenBank Capital Inc. announces that its portfolio company, Beelivery, has acquired Pinga, a London-based grocery delivery service, enhancing its operational capacity with 600 drivers and 5,000 customers. This strategic acquisition positions Beelivery as a leading player in the UK online grocery market, aiming for an average delivery time of less than one hour. With plans for further acquisitions, Beelivery is raising up to £25 million to support its expansion initiatives. The management expresses confidence in future growth and strategic mergers to strengthen market presence.

Positive

• Beelivery's acquisition of Pinga enhances delivery capacity with 600 drivers and 5,000 new customers.
• The acquisition supports Beelivery's strategy to consolidate the UK grocery delivery market.
• Plans to raise £25 million for further acquisitions indicate strong growth potential.

Negative

• None.

This news release is not for distribution or dissemination in the United States of America

TORONTO, ON / ACCESSWIRE / February 10, 2022 / GreenBank Capital Inc. (CSE:GBC) (the "Company") is pleased to update shareholders in relation to progress being made by its portfolio company Beelivery.

Beelivery recently announced that it has acquired London-based counterpart Pinga which includes some 600 drivers and riders, as well as more than 5,000 customers.

Beelivery is looking to complete more acquisitions as Beelivery cements its position as one of the few nationwide grocery delivery companies in the UK with an average delivery time nationwide of less than an hour. GreenBank believes that the online grocery delivery market will benefit from consolidation and Beelivery's plans to make further acquisitions is fully supported by the Company.

Beelivery Management have indicated that they are in the process of raising up to a further £25 million to facilitate its rapid expansion plans.

Following the acquisition of Pinga, Beelivery joint CEO and co-founder Yazan Bin Mohamed commented: "This acquisition enables Beelivery to leverage the driver capacity and loyal customers of Pinga in Central London and extend our lead in this competitive market…….The company is now exploring further M&A deals, and in particular we are now open towards further strategic alignment with our closest competitors. We are open towards mergers or strategic acquisition in the UK or worldwide while we are raising our £25m round."

Terry Pullen CEO of GreenBank Capital comments "We congratulate Beelivery on this acquisition and fully support the management team's exponential growth plans as they seek to make Beelivery one of the world's most successful online grocery delivery businesses".

About GreenBank

GreenBank is a next generation merchant banking business that has a flexible low-cost overhead structure designed to maximize profitability. Our management are based in Toronto, Dallas and London and are used to working across borders remotely. Our model of remote working, dynamic space and flexible contracts -rather than large fixed costs - establishes GreenBank as a global merchant bank for the future, both during and after COVID19.

GreenBank is listed on the Canadian Securities Exchange, the Frankfurt Boerse and on the OTC Markets in the USA. GreenBank invests in undervalued exponential growth companies focused on building consistent capital appreciation for its shareholders. For more information please see https://www.GreenBankCapitalinc.com or contact Mark Wettreich at (214) 202 4353 or by email Mark@GreenBankCapitalinc.com

Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of GreenBank Capital Inc., the raising of additional capital and the future development of the businesses comprising GreenBank's investment portfolio. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because GreenBank can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and GreenBank disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: GreenBank Capital Inc.

View source version on accesswire.com:
https://www.accesswire.com/688346/GreenBank-Portfolio-Company-Beelivery-Acquires-London-Based-Competitor-in-the-On-Demand-Grocery-Delivery-Space-and-Seeks-to-Scale-Growth

FAQ

What acquisition did GreenBank Capital announce for Beelivery?

GreenBank Capital announced that Beelivery acquired London-based Pinga, enhancing its delivery capacity.

How many drivers and customers did Pinga have when acquired by Beelivery?

Pinga had approximately 600 drivers and over 5,000 customers at the time of acquisition.

What are Beelivery's future plans after acquiring Pinga?

Beelivery plans to make further acquisitions and is raising up to £25 million to support its growth initiatives.

What is Beelivery's average delivery time after the acquisition?

Beelivery aims for an average grocery delivery time of less than one hour across the UK.