Tattooed Chef, a producer of plant based foods, will be acquiring a new asset.
The company has entered an agreement to purchase Belmont Confections, a private label co-manufacturer of nutrition bars. The sale is worth roughly $18 million in cash and stock, and is expected to close in the fourth quarter of this year.
Belmont specializes in the development and manufacturing of snack and nutritional bars. The 47,000 square foot facility in Youngstown, Ohio 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 player in the bar sector.
Tattooed Chef says the deal will “further diversify its product offerings and enter into the $10 billion global plant based bar category, aligning with Tattooed Chef’s growth strategy to develop more ambient and refrigerated products, unlocking more shelf space, and expand its channel penetration beyond retail and club.”
“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.”