MamaMancini's Holdings, Inc. acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million.
June 29, 2023
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MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million on June 28, 2023. Per the terms of the Membership Interest Purchase Agreement, the purchase price includes $0.95 million in cash at closing, and $2.7 million in a promissory note. The promissory note requires a principal payment of $1.2 million in cash on the first anniversary of the closing date, and a payment of $1.5 million in common stock of MamaMancini on the second anniversary of the closing date.Jonathan R. Zimmerman of Faegre Drinker Biddle & Reath LLP acted as legal advisor to MamaMancini's Holdings, Inc. Lawrence Scherer of Scherer & Pudell, PLLC acted as legal advisor to R&I Loeb Family, LLC and Siegel Suffolk Family, LLC. Littlebanc Advisors, LLC acted as broker in the transaction.
MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) completed the acquisition of remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC on June 28, 2023.
Mama's Creations, Inc. is a marketer and manufacturer of fresh deli prepared foods, found in over 8,000 grocery, mass, club and convenience stores nationally. The Company's product portfolio consists of a variety of easy to prepare foods to address the needs of both its consumers and retailers. Its product line includes all-natural specialty prepared refrigerated foods for sale in retailers around the country. Its primary products include beef and turkey meatballs, meat loaf, chicken, sausage-related products and pasta entrees. Its brands include MamaMancini's, Creative Salads and The Olive Branch. Its products include the Mama Mancini's brand featuring many all-natural meals that contain a minimum number of ingredients, many of which are derived from the original recipes of Anna Mama Mancini. It has more than 50 product offerings that are packaged in different sized retail and bulk packages. Its products are principally sold to supermarkets, club chains, and mass-market retailers.
MamaMancini's Holdings, Inc. acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million.