Tattooed Chef To Acquire Belmont Confections For ~$18M

Tattooed Chef Inc 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.