Plant-based food manufacturer Tattooed Chef, Inc. has completed the acquisition of Belmont Confections, Inc., a private-label maker of snack bars, for approximately $18 million.
The transaction, made in cash and stock, is subject to a customary adjustment based on working capital at closing.
Belmont specializes in the development and manufacturing of a variety of snack bars. Its 47,000-sq.-ft. facility in Youngstown, Ohio expands Tattooed Chef’s manufacturing capabilities into a new category and accelerates the company’s expansion into ambient and refrigerated products.
Known for its zucchini spirals, riced cauliflower, smoothie bowls and cauliflower pizza crusts, the company plans to launch Tattooed Chef-branded plant-based bars in 2022.
Created in 2007, Belmont Confections is a spinoff of a Pittsburgh-based family business. For nearly 30 years, owner George Tsudis’s father, Spiro, worked for D.L. Clark Candy Co. in Pittsburgh, the former manufacturer of the Clark bar. Spiro Tsudis left Clark in 1985 to establish Penhurst Candy Co., which made candy under private labels for national distributors.