PARAMOUNT, CALIF. – Plant-based food maker Tattooed Chef, Inc. further diversifies its product offering with the announcement that it has agreed to acquire Belmont Confections, Inc. for $ 18 million in cash and stock. Based in Youngstown, Ohio, Belmont specializes in the development and manufacture of snacks and nutritional bars. The company operates a 47,000 square foot facility in Youngstown.
Tattooed Chef said the acquisition would allow it to enter the global $ 10 billion herbal bar category and align with its strategy of developing more ambient and refrigerated products. Tattooed Chef’s product portfolio currently includes ready-to-bake bowls, zucchini spirals, cauliflower in rice, acai and smoothie bowls, and cauliflower pizza crusts.
“We are delighted to announce the acquisition of Belmont and look forward to welcoming George Tsudis and his team to the Tattooed Chef family,” said Sam Galletti, President and CEO of Tattooed Chef. “Belmont is exactly the type of business we talked about acquiring in terms of a business that adds both manufacturing capability and capabilities. This acquisition will further allow us to control the brand’s supply chain and ensure that Tattooed Chef products are always available in control of our own destiny. Belmont is also accelerating Tattooed Chef’s expansion into ambient and refrigerated products into a new category. We believe this transaction will open up more sales channels including convenience stores, vending machines, drugs and the dollar, and more. At full capacity, we believe the Belmont facility can generate over $ 100 million in revenue per year over the next two to three years. “
Sarah Galletti, Creative Director and “The Tattooed Chef,” added, “We see an opportunity to leverage our innovation expertise to bring delicious herbal options to the bar industry. We believe we can create and bring to market new types of bars, disrupting a category that needs more innovation and exciting product development. Consumers are looking for more convenient ways to eat better, and we believe Tattooed Chef’s herbal bars will resonate with our customers.