Tattooed Chef Buys Belmont Confections in $18M Deal
GIRARD, Ohio. – The owner of Belmont Confections Inc. says he’s enthusiastic about his company’s upcoming acquisition by Tattooed Chef Inc.
“I’m very excited about the opportunity for Belmont Confections,” George Tsudis, president and CEO of Belmont Confections, told The Business Journal Thursday. He will remain with the company in a role that is still being determined, he said.
Tattooed Chef, in Paramount, Calif., announced Tuesday it would purchase Belmont Confections Inc. for $18 million in cash and stock.
The transaction, which was unanimously approved by Tattooed Chef’s board of directors, is expected to close during the fourth quarter of this year. The food manufacturer specializes in plant-based foods.
“We are excited to announce the acquisition of Belmont and look forward to welcoming George Tsudis and his team to the Tattooed Chef family,” Sam Galetti, president and CEO, said in prepared statement. “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. This 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.”
“Sam and I have the same vision,” Tsudis told The Business Journal. “We’re expecting a lot of growth and with that hopefully will come more jobs.” The company now has just under 100 employees, he said.
Tattooed Chef offers a broad portfolio of innovative and sustainably sourced plant based foods. Its signature products include ready-to-cook bowls, zucchini spirals, riced cauliflower, acai and smoothie bowls, and cauliflower pizza crusts. The products are available in the frozen food sections of leading national retail food and club stores across the United States as well as on Tattooed Chef’s e-commerce site.
Belmont Confections specializes in the development and manufacture of snack and nutritional bars. The deal will let Tattooed Chef further diversify its product offerings and enter into the $10 billion global plant-based bar category.
Belmont’s 47,000-square-foot plant in Liberty Township already has the equipment in place to manufacture several different types of bars. Now, partnered with the innovation from Tattooed Chef, the company is poised to become a leader in the bar sector, Tattooed Chef officials said.
“We see an opportunity to leverage our innovation expertise to bring great tasting, plant based options to the bar sector,” said Sarah Galletti, chief creative officer and “The Tattooed Chef.”
“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. Consumers are searching for more convenient ways to eat better, and we believe Tattooed Chef branded plant based bars will resonate with our consumer base.”
The acquisition aligns with Tattooed Chef’s growth strategy to develop more ambient and refrigerated products, unlocking more shelf space, and expand its channel penetration beyond retail and club to allow consumers to enjoy Tattooed Chef products at home and on-the-go.
At full capacity, Sam Galetti predicted the Belmont facility can contribute more than $100 million annually in revenue in the next two to three years.
Pictured: Belmont Confections specializes in the development and manufacture of snack and nutritional bars.
Copyright 2024 The Business Journal, Youngstown, Ohio.
