Mondias Natural Products has agreed to acquire all the assets of plant-based water beverages company Érablier in a deal valued at C$1m ($695,500).

Québec-based Érablier produces premium product made from the organic and pure processed water obtained from sugar maple tree sap.

The deal will mark Mondias’ entry in the functional beverages market with plant-based water products.

Mondias CEO Dr Patrick Frankham said: “Érablier offers distinctive products that deliver the great taste and natural ingredients consumers are looking for.

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“The opportunity to acquire a unique ready-to-market beverage with natural ingredients, from the largest source of plant-based water in North America is a great entry into the competitive functional beverages market.

Mondias has agreed to pay C$250,000 ($174,048) by issuing 1.67 million shares initially.

The issuance of shares is subject to the Toronto stock exchange (TSX) approval.

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Additionally, a 4% royalty rate will be paid on net sales of Érablier products for an additional consideration up to a maximum of C$750,000 ($522,285).

Under the agreement, Lino Fleury will join Mondias as Érablier brand director.

Fleury has extensive experience in the functional beverages market. He has also been an inventor and founder of Slow Cow, a natural relaxation beverage having a mix of amino acids and a mixture of known natural health products distributed internationally since 2008.

Frankham further added: “The addition of Fleury to our team with his prior experience with the successful launch of Slow Cow, is an important milestone in building the functional beverage franchise for our company.”