Paramount / CA. (ttcf) Tattooed Chef Inc., a leader in plant based foods, announced it has entered into an agreement to acquire Belmont Confections Inc., a private label co-manufacturer of nutrition bars, for approximately USD 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 USD 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 USD 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.»
About Tattooed Chef
Tattooed Chef is a leading plant based food company offering a broad portfolio of innovative and sustainably sourced plant based foods. Tattooed Chef’s signature products include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts, which are available in the frozen food sections of leading national retail food and club stores across the United States as well as on Tattooed Chef’s e-commerce site. Understanding consumer lifestyle and food trends, a commitment to innovation, and self-manufacturing allows Tattooed Chef to continuously introduce new products. Tattooed Chef provides approachable, great tasting and chef-created products to the growing group of plant based consumers as well as the mainstream marketplace.