Yritysosto, matka kohti Tattooed chef terveyspatukoita alkaa todennäköisesti Q4 2021 aikana…
PARAMOUNT, Calif., Oct. 26, 2021 (GLOBE NEWSWIRE) – Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant based foods, today announced it has entered into an agreement to acquire Belmont Confections, Inc. (“Belmont”), a private label co-manufacturer of
nutrition bars, for approximately $18 million in cash and stock. The transaction has been unanimously approved by Tattooed Chef’s Board of Directors and the acquisition is expected to close in the fourth quarter of 2021.
Based in Youngstown, Ohio, Belmont specializes in the development and manufacturing of snack and nutritional bars. The 47,000 square foot facility already has the equipment in place to manufacture many different types of bars and now, partnered with the innovation from Tattooed Chef, will allow the company to become a leader in the bar sector.
The transaction allows Tattooed Chef to further diversify its product offerings and enter into the $10 billion global plant based bar category. This aligns with Tattooed Chef’s growth strategy to develop more ambient and refrigerated products, unlocking more shelf space, and expand its channel penetration beyond retail and club to allow consumers to enjoy Tattooed Chef products at home and on-the-go.
“We are excited to announce the acquisition of Belmont and look forward to welcoming George Tsudis and his team to the Tattooed Chef family,” said Sam Galletti, President and CEO of Tattooed Chef. “Belmont is exactly the type of company that we have talked about acquiring with regards to a company that adds both manufacturing capacity and capabilities. This acquisition will further allow us to control the supply chain for the brand and ensure that Tattooed Chef products are always available by controlling our own destiny. Belmont also accelerates Tattooed Chef’s expansion into ambient and refrigerated products in a new category. We believe this transaction will open up more sales channels including convenience stores, vending, drug and dollar, and more. At full capacity, we believe the Belmont facility can contribute over $100 million annually in revenue in the next two to three years.”
Sarah Galletti, Chief Creative Officer and “The Tattooed Chef”, added, “We see an opportunity to leverage our innovation expertise to bring great tasting, plant based options to the bar sector. We believe we can create and bring new types of bars to the market, disrupting a category that is in need
of more innovation and exciting product development. Consumers are searching for more convenient ways to eat better, and we believe Tattooed Chef branded plant based bars will resonate with our consumer base.”