Paramount, California-based Tattooed Chef Inc., a maker of plant-based foods, has entered into an agreement to acquire Belmont Confections Inc., a private label co-manufacturer of nutrition bars, for approximately $18 million in cash and stock.
The transaction has been unanimously approved by the Tattooed Chef 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 expanding its channel penetration beyond retail and club to allow consumers to enjoy its 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,” said, “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.”
Tattooed Chef offers a broad portfolio of sustainably sourced plant-based foods. Its 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.
For more information, visit tattooedchef.com.
