Business
MamaMancini’s Announces Acquisition of Two Premier Gourmet Food Manufacturers
New Acquisitions Expected to Generate $35 Million in 2022 Sales; Highly Symbiotic with Existing MamaMancini’s Distribution Network $14 Million Acquisition
About this update from Mama's Creations, Inc.
[{"type":"text","content":"New Acquisitions Expected to Generate $35 Million in 2022 Sales; Highly Symbiotic with Existing MamaMancini’s Distribution Network $14 Million Acquisition Financed through Cash on Hand and Long-Term Note with M&T Bank EAST RUTHERFORD, NJ, Dec. 23, 2021 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated food products, today announced the signing of definitive agreements for two acquisitions – T&L Creative Salads, Inc. (“T&L”) and Olive Branch, LLC, which are related premier gourmet food manufacturers based in New York. Closing is expected to occur on or about December 29, 2021, subject to closing conditions. Over several decades, brothers Anthony, Michael, and Joseph Morello have owned and operated T&L Creative Salads, offering a full line of foods for retail food chains and club stores, delis, bagel stores, caterers and distributors. T&L uses high-quality meats, seafood and vegetables, prepared to meet the standards set forth by the USDA and the FDA. T&L sales are spearheaded by a line of chicken products, including grilled and breaded chicken breasts, chicken strips as well as a kosher salad line. T&L’s SQF level 2 state-of-the-art USDA facility in Farmingdale, New York has positioned it to expand its operations nationally into MamaMancini’s network of retailers and Club Stores. T&L actively sells its salads and prepared products to over 250 delis, bagel shops, smaller retail accounts and food distributors in the New York metropolitan area, representing over 35% of T&L’s current sales volume. Olive Branch started operations six years ago as a separate company to concentrate on selling olives, olive mixes, and savory products to a limited number of large retail customers, primarily in pre-packaged containers. Olive Branch products are manufactured at the same facility as T&L in Farmingdale, NY. MamaMancini’s management believes that taken together, T&L and Olive Branch are positioned to generate over $30 million in sales in calendar 2021, have the potential to drive sales of $35 million in 2022 and significantly increase MamaMancini’s net income. Management further believes that significant growth opportunities exist in leveraging the MamaMancini’s network of tier-1 distribution partners paired with the newly acquired product portfolio, which have relati...