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US food marketer and distributor, MamaMancini's Holdings, has signed an agreement to acquire a 24% interest in Chef Inspirational Foods (CIF). The company is paying $1.2 million for the stake and has the option of purchasing the remaining 76% of the business for $3.8 million within the next 12 months. Founded in 2008, CIF is a developer, marketer and sales company selling fresh and frozen prepared foods to supermarkets across the US, including prepared salads, entrées and olives. Carl Wolf, MamaMancini's CEO, said: “Our investment in a minority interest in CIF brings an experienced, dynamic team which complements our logistics, product development and innovation capabilities with a robust sales presence...We expect our investment into CIF to be immediately accretive to net income, while our option to purchase the remainder of the company at a set price provides significant optionality and upside potential." He continued: "We are excited about the opportunity this acquisition provides to advance our capabilities with a national, innovative, fully integrated food development company with exceptional marketing and sales teams driving incredible penetration across its retail channels".
