Green's Natural Foods acquired by HCMC

Healthier Choices Management Corp. (HCMC) has acquired Green’s Natural Foods to add it to its grocery portfolio, HCMC said in a statement Monday.

With eight stores in New York and northern New Jersey, Basking Ridge, New Jersey-based Green’s Natural Foods, joins HCMC's grocery segment which includes Ada's Natural Market located in Fort Myers, Florida, and Paradise Health & Nutrition’s in Melbourne and Palm Bay, Florida, and Mother Earth’s Storehouse in New York’s Hudson Valley.

Details of the transaction were not disclosed, but the acquisition is anticipated to significantly boost HCMC's annual sales revenue, the company said in a statement.

“Green’s Natural Foods significantly accelerates the expansion of our grocery segment,” Jeffrey Holman, CEO of HCMC, said in a statement. “It is yet another step in solidifying our growth initiatives, and based upon past performance, we believe this acquisition should approximately double HCMC’s top line revenue yet again, bringing us to approximately $60 million on an annualized basis.”

Green’s Natural Foods follows HCMC’s acquisition of Mother Earth’s Storehouse in February.

“There are certainly synergies between the chains upon which we intend to capitalize,” Holman said in a statement regarding the acquisition of Mother Earth’s Storehouse. “For example, the additional purchasing power that naturally comes along with doubling the size of our orders should result in improved margins, potentially leading to better bottom line results across the board.”

Hollywood, Florida-based HCMC is a publicly traded holding company focused on providing consumers with healthy daily choices with respect to nutrition and other lifestyle alternatives. HCMC operates its grocery segments through its wholly owned subsidiaries: Healthy Choice Markets, Inc.; Healthy Choice Markets 2, LLC; and Healthy Choice Markets 3, LLC.