MamaMancini's Holdings, Inc., a marketer and distributor of specialty pre-prepared all-natural foods, has announced it has signed a definitive agreement to acquire a 24 percent minority interest in Chef Inspirational Foods, Inc. (“CIF”), a developer, innovator, marketer, and sales company selling fresh and frozen prepared foods, for an investment of $1.2 million, at an implied enterprise value for CIF of $5 million. The investment consists of $500,000 in cash and $700,000 in MamaMancini’s common stock.
Founded in 2008, CIF sells fresh and frozen prepared foods for the supermarket, club store, and distributor trade across the United States. The company’s specialty is the deli department for prepared salads, prepared entrees, and olives, with a unique line of different artisan flavors and styles. Based in West Palm Beach, Florida, and Long Island, NY, CIF expects 2022 gross sales of $30 million.