EAST RUTHERFORD, NJ. — MamaMancini’s Holdings, Inc. is acquiring a 24% minority interest in Chef Inspirational Foods, a fresh and frozen prepared foods company, for $1.2 million, consisting of $500,000 in cash and $700,000 in MamaMancini’s common stock.
East Rutherford-based MamaMancini’s, a marketer and distributor of pre-prepared foods, retains the option to purchase the remaining 76% interest in CIF within one year. The purchase price would be an additional $3.8 million of which $3.5 million would be paid in cash and $300,000 would be paid in common stock.
Founded in 2008, CIF sells fresh and frozen prepared foods for the supermarket, club store and distributor trade in the United States, specializing in the deli department for prepared salads, prepared entrees and olives. Based in West Palm Beach, Fla., and Long Island, NY, CIF expects 2022 gross sales of $30 million.
“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 Carl Wolf, chief executive officer of MamaMancini’s. “We are excited about the opportunity this acquisition provides to advance our capabilities with a national, innovative, fully integrated food development company with exceptional marketing and sales teams driving incredible penetration across its retail channels.”MamaMancini’s product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties. The company also offers an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. Adam L. Michaels on Sept. 6 is scheduled to succeed Mr. Wolf, who is retiring as CEO but will remain with the company as chairman of the board of directors.