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Existing Steakholder Shareholders Retain Majority Stake; Twine Shareholders Previously Invested in Steakholder and Provided Convertible Loan Since Converted into Equity, Both at a Substantial Premium
Strategic Acquisition To Position the Combined Company As A Digital Printing Pioneering Force Geared Towards Global Trends Of Smart Manufacturing and Supply Chain Optimization
Since its foundation, Twine has installed more than 30 systems at leading brands, dye houses and textile fulfillers and is working to fill more than $1 million in open orders
(NASDAQ:STKH), a leading innovator in 3D printing technologies for alternative proteins, today announced that it has acquired Twine Solutions Ltd., a transformative force in the digital dyeing of thread and yarn, adding Twine's technological abilities to its existing digital printing abilities in the foodtech industry. According to the acquisition agreement, Twine's erstwhile shareholders received a minority stake of approximately 20% (including milestone-based equity) in Steakholder Foods in return for all outstanding shares of Twine on a fully-diluted basis.
The acquisition of Twine by Steakholder is a first step in creating a global digital technology powerhouse with the capability to revolutionize multiple traditional industries including Steakholder's existing food industry, as well as in creating a new paradigm in the fashion and textile through advanced manufacturing and supply chain solutions provided by Twine.
The acquisition is designed to combine two transformative platforms: Steakholder's pioneering 3D food printing technology and Twine's revolutionary digital dyeing systems. Twine's impressive technological achievements include developing the world's first digital thread and yarn dyeing system that uses a waterless process, protected by 10 granted and pending patents. Twine's innovative solution empowers businesses to bring their thread dyeing processes in-house, dramatically reducing time to market while enabling unprecedented customization for sewing, knitting, and embroidery applications. Together, the companies intend to explore commercial applications across a range of industries, with an eye on speed, personalization, sustainability, and scale.
Twine is revolutionizing the $120 billion textile thread and yarn industry through its proprietary digital dyeing textile technology. By transforming the supply chain paradigm to on-demand dyeing solutions, Twine is generating significant economic change and positive ecological impact, already establishing strategic partnerships with global giants including Zara and COATS Group.
Arik Kaufman, Chief Executive Officer of Steakholder Foods, commented, "With the acquisition of Twine, Steakholder Foods enters a new phase of growth – expanding our digital printing capabilities beyond foodtech and into adjacent industries with tremendous potential. We are well positioned to pursue such strategic opportunities with stability and confidence, creating a powerful platform for innovation, commercialization, and long-term value creation."
Posted In: STKH
