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.