MamaMancini’s acquires remaining interest in Chef Inspirational Foods

MamaMancini’s Holdings has purchased the remaining 76% interest in Chef Inspirational Foods, a deli prepared food sales agent, following up on the June 2022 acquisition of a 24% minority interest in CIF. The remaining 76% interest in CIF was purchased for $3.65 million at an implied enterprise value of $4.8 million. $2.15 million of the purchase price is payable in cash in two tranches, one due immediately at closing and the second in June 2024. The $1.5 million common stock component is payable in June 2025, based on the market price of MamaMancini’s common stock at that time.