Plant-based foods company Tattooed Chef Inc. has forged a deal to purchase private label nutrition bars co-manufacturer Belmont Confections Inc. for $18 million in cash and stock, a recent company release announced. The board of Tattooed Chef approved the transaction in late October.
As part of the transaction, Tattooed Chef will assume ownership of Belmont Confections’ 47,000-sq-ft snack and nutrition bar production facility in Youngstown, OH. The facility has a range of equipment that can produce various types of bars.
“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. The 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,” said Sam Galletti, president and CEO of Tattooed Chef, in a statement. “Belmont also accelerates Tattooed Chef’s expansion into ambient and refrigerated products in a new category.”
The company said the Youngstown plant will provide more than $100 million in revenue over the next several years. Tattooed Chef said the acquisition also allows it to enter the plant-based bar category and add other new products to its portfolio.
“We see an opportunity to leverage our innovation expertise to bring great tasting, plant based options to the bar sector. We believe we can create and bring new types of bars to the market, disrupting a category that is in need of more innovation and exciting product development,” Sarah Galletti, chief creative officer and the “Tattooed Chef,” said in the release.
Powder & Bulk Solids reported earlier this year that Tattooed Chef entered into an agreement to buy two Mexican foods production facilities in the US from Foods of New Mexico.