Smart for Life Names Stuart Benson, JD, as Managing Director of its Newly Formed Smart Acquisition Group

Rhea-AI Summary

Smart for Life, Inc. (Nasdaq: SMFL) announced the appointment of Stuart Benson as Managing Director of its new subsidiary, Smart Acquisition Group, LLC. This move aims to enhance the company’s M&A strategy, enabling the identification and acquisition of larger, profitable companies. Smart for Life, recognized as a leader in the Health & Wellness sector, is focused on expanding through strategic acquisitions while targeting firms generating over $300 million in revenue over the next 36 months.

Positive

• Appointment of Stuart Benson to lead M&A initiatives.
• Focus on acquiring larger and more profitable companies.
• Objective to aggregate firms generating at least $300 million in revenue within 36 months.

Negative

• None.

Smart Acquisition Group is a Dedicated M&A Team Focused on Accelerating Growth through Acquisitions and other Growth Initiatives

MIAMI, Fl., Aug. 30, 2022 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (Nasdaq: SMFL) (“Smart for Life” or the “Company”), a high growth global leader in the Health & Wellness sector marketing and manufacturing nutritional foods and supplements worldwide, today announced that Stuart Benson, JD, has been named Managing Director of the Company’s newly formed subsidiary, Smart Acquisition Group, LLC (“SAG”). SAG is expanding the Company’s M&A growth initiatives through the identification, negotiation, financing and acquisition of companies by Smart for Life. Mr. Benson most recently served as the Chairman of Ceautamed Worldwide, LLC, the owner of the Greens First line of branded products acquired by Smart for Life on July 29, 2022.

“I met Stuart over a year ago and in the ensuing period of time Smart for Life acquired two companies from Stuart. Most recently, we acquired his company, Ceautamed Worldwide, and previously, we acquired GSP Nutrition, owner of the Sports Illustrated Nutrition brand in November 2021,” said A.J. Cervantes, Jr., the Company’s Chairman. “I have been continually impressed by the depth of his industry relationships, his knowledge of both securities and corporate law as an attorney, in addition to his financing and business acumen. I can’t think of a better executive to head up our dedicated acquisition group.”

“Throughout our negotiations this past year, I’ve gotten to know A.J., Darren Minton, the Company’s CEO and Alan Bergman, the Company’s CFO and have developed deep respect for the entire Smart for Life team,” said Mr. Benson. “The Company is not only aggressively ramping up its M&A activities, it is now targeting significantly larger and more profitable companies. For these reasons, I’m excited to be leading the SAG team with a primary focus on maximizing value for shareholders.”

About Stuart Benson, JD

Mr. Benson is the Managing Director of Smart Acquisition Group, LLC, the special purpose group dedicated exclusively to the identification, negotiation, financing and acquisition of companies synergistic to Smart for Life’s Buy & Build business model. Mr. Benson is a former principal of Ceautamed Worldwide, LLC, owner of the Greens First line of brand products, Smart for Life’s acquisition completed on July 28, 2022. Mr. Benson was also the Chief Executive Officer of Wellness Watchers Global, LLC. Mr. Benson served as the Chairman and Chief Executive Officer of Custom Food Concepts, Inc. from 1997 to 2001, a company engaged in real estate and franchising. He also served as Executive Vice President of Vital Living Inc. in 2001 and 2002 and served as its Chief Executive Officer since 2005. He served as Chairman, President and Chief Executive Officer of Nathan's Famous, Inc. and the Great Earth Vitamin Store chain. During his tenure at Nathan's Famous, the company expanded from 14 units to more than 300, including locations at interstate highways and airports. During Mr. Benson's tenure at the Great Earth Vitamin Store chain, it grew to approximately 150 full-service vitamin retail stores throughout the U.S. and became the second largest vitamin store in the U.S.

About Smart for Life, Inc.

Smart for Life, Inc. (Nasdaq: SMFL) is a high growth global leader in the Health & Wellness sector, marketing and manufacturing nutritional foods and supplements worldwide. Structured as a publicly held international holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company with an objective of aggregating companies generating a minimum of $300 million in revenues within the next thirty-six months. To drive growth and earnings, Smart for Life is developing proprietary products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company currently operates five subsidiaries including Doctors Scientific Organica, Nexus Offers, Bonne Santé Natural Manufacturing, GSP Nutrition/Sports Illustrated Nutrition and Ceautamed Worldwide/Greens First. For more information about Smart for Life, please visit: www.smartforlifecorp.com.

Video regarding the Company’s manufacturing facility at Bonne Santé Natural Manufacturing is available at: www.bonnesantemanufacturing.com/video.

Investor material and a Fact Sheet with additional information about Smart for Life is available at: www.smartforlifecorp.com/investor-center.

Forward-Looking Statements

This press release may contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on management’s beliefs, assumptions and expectations of Smart for Life’s future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Although Smart for Life believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Smart for Life does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. No assurances can be made that Smart for Life will successfully acquire its acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause Smart for Life’s actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Actual results may differ materially from the expectations discussed in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in “Risk Factors” included in our filings with the Securities and Exchange Commission.

Investor Relations Contact

Crescendo Communications, LLC
Tel: (212) 671-1021
SMFL@crescendo-ir.com

FAQ

What is the purpose of Smart for Life's newly formed Smart Acquisition Group?

The Smart Acquisition Group aims to identify and acquire larger, profitable companies to accelerate growth through strategic acquisitions.

Who has been appointed as Managing Director of Smart Acquisition Group?

Stuart Benson has been appointed as the Managing Director of Smart Acquisition Group, LLC.

What is Smart for Life's revenue target for acquisitions?

Smart for Life aims to aggregate companies generating a minimum of $300 million in revenues within the next 36 months.

How does Smart for Life plan to grow its business?

Smart for Life plans to grow its business through a Buy-and-Build strategy, focusing on serial accretive acquisitions.