The upcoming acquisition, which is expected to close in the fourth quarter of 2021, will diversify Tattooed Chef's current portfolio of frozen and chilled plant-based food products by entering the $10bn global plant-based bar category.
The deal also aligns with its growth strategy of developing more ambient and refrigerated products, unlocking more shelf space, and expanding its channel penetration beyond retail and club chains.
"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," said Sarah Galletti, chief creative officer at Tattooed Chef.
Once completed, the company will own and operate Belmont Confections' 47,000 square foot facility and manufacturing equipment in Youngstown, Ohio.
“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," said Tattooed Chef president and CEO Sam Galletti, adding that the acquisition will allow the company to control more of its supply chain.
"Belmont also accelerates Tattooed Chef’s expansion into ambient and refrigerated products in a new category. We believe this transaction will open up more sales channels including convenience stores, vending, drug and dollar, and more. At full capacity, we believe the Belmont facility can contribute over $100m annually in revenue in the next two to three years,” said Galletti.