- MamaMancini's Holdings Inc (NASDAQ:MMMB) has agreed to acquire a 24% minority interest in Chef Inspirational Foods, Inc. (CIF) for an investment of $1.2 million.
- The transaction implies an enterprise value for CIF of $5 million.
- Founded in 2008, CIF sells fresh and frozen prepared foods for the supermarket, club store, and distributor trade across the U.S. Its specialty is the Deli Department for prepared salads, prepared entrees and olives, with different artisan flavors and styles.
- Based in West Palm Beach, Florida, and Long Island, NY, CIF expects 2022 gross sales of $30 million.
- MamaMancini's retains the option to purchase the remaining 76% interest in the company within one year.
- "We expect our investment into CIF to be immediately accretive to net income, while our option to purchase the remainder of the company at a set price provides significant optionality and upside potential," said CEO Carl Wolf.
- The investment consists of $0.50 million in cash and $0.70 million in MamaMancini's common stock.
- MMMB held $0.9 million in cash and equivalents as of April 30, 2022.
- Price Action: MMMB shares are trading higher by 8.53% at $1.40 on the last check Thursday.
- Photo Via Company
