Business
UMB Capital Corporation Finds Success with Portfolio Company, Tattooed Chef, Inc.’s Merger and Initial Public Offering
KANSAS CITY, Mo.--(BUSINESS WIRE)-- UMB Financial Corporation (Nasdaq: UMBF) announced that UMB Capital Corporation, a small business investment company
About this update from Umb Financial Corporation
[{"type":"text","content":" KANSAS CITY, Mo.--(BUSINESS WIRE)--\nUMB Financial Corporation (Nasdaq: UMBF) announced that UMB Capital Corporation, a small business investment company (SBIC) and subsidiary of UMB Bank, n.a., has acquired approximately 4.05 million shares of Tattooed Chef, Inc. (Nasdaq: TTCF) as a result of a business combination transaction between Forum Merger II Corporation, a special purpose acquisition entity, and the former parent company of Ittella International LLC, resulting in the new public company. UMB Financial Corporation expects to realize as of closing a gain of approximately $42 million from an initial investment of $7 million.\n\nUMB Capital Corporation had owned a 12.5% stake in Ittella since April 2019. It now owns approximately 7% of Tattooed Chef, Inc. on a fully diluted basis.\n\n“This is an exciting time for Tattooed Chef, Inc. and its shareholders as they begin this new chapter,” said Andre Trudell, president of UMB Capital Corporation. “What began as a lending relationship between UMB and Sam Galletti and Family has truly grown into a great partnership and success story. Working through the lifecycle of their company’s evolution has been a privilege. We look forward to investing and partnering with more businesses to help them reach their ultimate goals.”\n\nAs a result of UMB Capital Corporation’s ownership interest, it received approximately $9 million in cash along with the shares of Tattooed Chef at the closing of the transaction. Additionally, if the Tattooed Chef, Inc. common stock achieves certain trading milestones during the three years following the closing, UMB Capital Corporation could receive up to an additional 625,000 shares of Tattooed Chef, Inc.\n\n“Our relationship with UMB Capital has been important for our growth and success as a company,” said Sam Galletti, chairman and chief executive officer of Tattooed Chef, Inc. “With the support of UMB we have developed a unique and industry-altering food alternative. Now, with our transition to a public company we will have greater resources to fund the next stage or the advancement of the Tattooed Chef. We are pleased to have them continuing as an important stockholder in the company.”\n\nSince 2015, UMB Capital Corporation has assisted more than 45 companies with growth, acquisition, change of control, and recapitalization via debt and equity investments...