Tattooed Chef Completes Acquisition of Belmont Confections, Inc.

Rhea-AI Summary

Tattooed Chef (Nasdaq: TTCF) announced the acquisition of Belmont Confections for approximately $18 million in cash and stock, completed on December 21, 2021. This acquisition allows Tattooed Chef to expand into the snack bar category, enhancing its manufacturing capabilities. Belmont focuses on private label nutritional bars and operates a 47,000 square foot facility in Youngstown, Ohio. The company plans to launch new plant-based bars under its brand in 2022, indicating a strategic move to diversify its product offerings in the growing plant-based food market.

Positive

• Acquisition of Belmont Confections expands Tattooed Chef's product line into snack bars.
• Enhances manufacturing capabilities with a new 47,000 square foot facility.
• Plans to launch new Tattooed Chef branded plant-based bars in 2022, tapping into market growth.

Negative

• None.

PARAMOUNT, Calif., Dec. 22, 2021 (GLOBE NEWSWIRE) -- Tattooed Chef, Inc. (Nasdaq: TTCF) (“Tattooed Chef” or the “Company”), a leader in plant based foods, today announced that on December 21, 2021 it completed the acquisition of Belmont Confections, Inc. (“Belmont”), a private label co-manufacturer of snack bars, for approximately $18 million in cash and stock, subject to a customary adjustment based on working capital at closing.

Belmont specializes in the development and manufacturing of a variety of snack bars. The 47,000 square foot facility in Youngstown, Ohio expands Tattooed Chef’s manufacturing capabilities into a new category and accelerates the Company’s expansion into ambient and refrigerated products. The Company plans to launch new Tattooed Chef branded plant based bars in 2022.

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. For more information, please visit www.tattooedchef.com​.

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About Belmont Confections, Inc.
Located in Youngstown, Ohio, Belmont Confections is a spinoff of a Pittsburgh-based family business. Specializing in the development and manufacturing of private label nutritional bars, Belmont has continued to grow since its creation in 2007. For nearly 30 years, owner George Tsudis’s father, Spiro, worked for D.L. Clark Candy Co. in Pittsburgh, the former manufacturer of the Clark bar. Spiro Tsudis left Clark in 1985 to establish Penhurst Candy Co., which made candy under private labels for national distributors. Belmont takes pride in being a leading provider of private label protein and health bars throughout the United States and beyond. Belmont’s focus on producing products of the highest quality and safety standards drives it to consistently exceed the expectations of its customers.

Forward-Looking Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this release, words such as “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “trend,” “accelerate,” “expansion,” “new,” “leverage,” “continues,” “opportunities,” “next,” “increase,” “beyond,” “potential,” “growth,” “pipeline,” “guidance” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Tattooed Chef’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: uncertainty surrounding the ultimate success of Tattooed Chef’s e-commerce platform; the need to prove Tattooed Chef’s ability to build brand awareness and continue to launch innovative products; continued acceptance of Tattooed Chef branded products by new retail customers; Tattooed Chef’s ability to increase in-store count and points of distribution; the outcome of any legal proceedings that may be instituted against Tattooed Chef; Tattooed Chef’s ability to effectively and efficiently integrate Belmont Confections’ business; competition and the ability of the business to grow and manage growth profitably; anticipated but unpredictable increased costs associated with our transition to a public company; and other risks and uncertainties indicated from time to time in our annual report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission (the “SEC”), including those under “Risk Factors” therein, and other factors identified in past and future filings with the SEC, available at www.sec.gov. Some of these risks and uncertainties may be amplified by the COVID-19 outbreak. Tattooed Chef undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

CONTACTS

INVESTORS
Rachel Perkins-Ulsh
rachel@ulshir.com

MEDIA
Olivia Singer
tattooedchef@praytellagency.com

FAQ

What is the significance of Tattooed Chef's acquisition of Belmont Confections?

The acquisition expands Tattooed Chef's product offerings into the snack bar category and enhances its manufacturing capabilities.

How much did Tattooed Chef pay for Belmont Confections?

Tattooed Chef acquired Belmont Confections for approximately $18 million in cash and stock.

When was the acquisition of Belmont Confections completed?

The acquisition was completed on December 21, 2021.

What are Tattooed Chef's plans following the acquisition?

Tattooed Chef plans to launch new plant-based bars branded under its name in 2022.

Where is Belmont Confections located?

Belmont Confections operates a facility in Youngstown, Ohio.