BTTR - Better Choice Company Initiates Legal Action Against Alphia a Portfolio Company of Private Equity Firm PAI | Benzinga
NEW YORK, March 26, 2024 (GLOBE NEWSWIRE) -- Better Choice Company, Inc. (NYSE:BTTR) ("Better Choice" or the "Company"), a pet health and wellness company, initiated a legal action to enforce a right of first refusal ("ROFR") option exercised by Alphia, Inc. ("Alphia") BL4424547, which is controlled by a Paris-based private equity firm, PAI Partners (https://www.paipartners.com). Pursuant to the terms of a written agreement between Alphia and the Company, Alphia is obligated to acquire the assets of Halo, Purely for Pets, Inc., a wholly owned subsidiary of Better Choice. Better Choice seeks to compel the closing of the asset sale and, in the alternative, monetary damages in excess of $19 million caused by Alphia for its misconduct in connection with the ROFR. "After several unsuccessful attempts to communicate with both Winston Song of PAI Partners and David McLain, the CEO of Alphia, and given the significant burden imposed upon Better Choice by Alphia's refusal to close the transaction, Better Choice had no viable option other than to pursue ...