Tattooed Chef To Acquire Belmont Confections For ~$18M

·1 min read
  • Tattooed Chef Inc (NASDAQ: TTCF) has agreed to acquire Belmont Confections Inc, a private label co-manufacturer of nutrition bars, for about $18 million in cash and stock.

  • Tattooed Chef expects to close the acquisition of the Youngstown, Ohio-based company in the fourth quarter of 2021.

  • The acquisition allows Tattooed Chef to diversify its product offerings further and enter into the $10 billion global plant-based bar category.

  • "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, CEO of Tattooed Chef.

  • Tattooed Chef anticipates that the Belmont facility at full capacity can contribute over $100 million annually in revenue in the next two to three years.

  • Tattooed Chef held $140.2 million in cash and equivalents as of June 30, 2021.

  • Price Action: TTCF shares are trading lower by 0.23% at $17.78 on the last check Tuesday.

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