MamaMancini’s Acquires Remaining Stake in Chef Inspirational Foods

June 29, 2023
Purchase of remaining 76% interest in CIF comes about a year after MamaMancini’s acquired a 24% minority interest in the company.

Fresh deli prepared foods manufacturer MamaMancini's Holdings Inc. has acquired the remaining 76% interest in Chef Inspirational Foods Inc. (CIF), a deli prepared food sales agent, according to a release sent out by MamaMancini’s today.

The purchase of the remaining interest comes approximately a year after MamaMancini’s purchased a 24% minority interest in CIF. The remaining interest was acquired for $3.65 million, at an implied enterprise value of $4.8 million.

Adam Michaels, chairman and CEO of MamaMancini’s, noted that the company had exercised its option to acquire the remaining portion on more favorable terms, leveraging cash on hand. He expects that the acquisition could enhance company-level gross margins by 1-2%. He also sees synergies that will reduce operating expenses, as well as provide cross-selling opportunities and additional freight capabilities.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.

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