LIBERTY – Tattooed Chef Inc., a Paramount, California-based plant-based food company, has acquired Belmont Confections Inc. worth $ 18 million in cash and stock.
The purchase, announced earlier this week and already approved by Tattooed Chef’s board of directors, is expected to close in the fourth quarter of this year.
Belmont Confections Inc., which has facilities on Belmont Avenue and Motor Inn Drive in Liberty, designs and manufactures snacks and food bars under its own brand.
“Belmont is exactly the kind of company we were talking about in terms of a company that is expanding both manufacturing capacity and capabilities. This acquisition will also allow us to control the supply chain for the brand and ensure that Tattooed Chef’s products are always available by controlling our own destiny. “ said Sam Galletti, President / CEO of Tattooed Chef.
The acquisition also accelerates Tattooed Chef’s expansion into a new category in ambient and cooling products, he said.
“We believe this transaction will open more distribution channels including convenience stores, vending machines, drugs and dollars, and more. We believe the Belmont facility, at full capacity, can generate over $ 100 million in annual sales over the next two to three years. “ said Galletti.
Belmont Confections has 47,000 square feet of manufacturing space with equipment to make various types of bars. The transaction allows Tattooed Chef to further diversify its product offering and enter the global $ 10 billion plant-based bar category, according to a company release.
Belmont Confections was founded in 2007 as a spin-off from a Pittsburgh-based family business. Its president is George Tsudis, whose father Spiro founded Penhurst Candy Co. in 1985, which produced private label candy for national distributors after working for DL Clark Candy Co. in Pittsburgh, the former maker of the Clark bar.
On Thursday, a message was left to George Tsudis for a comment.
Tattooed Chef’s shares rose 2 percent Thursday to close at $ 18.04 per share.
The company’s signature products include ready-to-cook bowls, zucchini spirals, cauliflower rice, acai and smoothie bowls, and cauliflower pizza crusts, which can be found in the frozen sections of national grocery stores and club stores across the U.S. and on The E-Commerce site by Tattooed Chef.
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