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EXCLUSIVE: Smart for Life Shares Plan To Scoop A Premier Nutraceuticals Company – Smart for Life (NASDAQ:SMFL)

ByAnusuya Lahiri

Sep 29, 2022
EXCLUSIVE: Smart for Life Shares Plan To Scoop A Premier Nutraceuticals Company - Smart for Life (NASDAQ:SMFL)

Smart for Life, Inc SMFL, which markets and manufactures nutritional foods and supplements worldwide, executed an agreement representing its largest acquisition to date.

What Happened? Smart for Life entered a non-binding Letter of Intent (LOI) to acquire a premier eCommerce nutraceuticals company with operations in North America. 

Why Does It Matter? SMFL expects the target business to be highly synergistic with its existing distribution channels and in-house manufacturing capabilities.

Smart for Life anticipates the acquisition to add over $15 million of revenue and be accretive to its earnings.

Chair AJ Cervantes, Jr said, “Considering the anticipated operating efficiencies to be gained by combining our operations, we expect this transaction will be highly accretive. Moreover, we believe the proposed terms are quite favorable to our shareholders, continuing our track record of acquiring complementary businesses at attractive valuations, especially as we grow toward our stated goal of $100 million in revenue in the next 12 months.”

Smart for Life recently closed its fifth acquisition of Ceautamed Worldwide LLC, owner of the Greens First brand, in July. 

This most recent LOI would represent Smart for Life’s sixth acquisition to date. 

Price Action: SMFL shares closed higher by 7.74% at $0.38 on Wednesday.

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Image and article originally from www.benzinga.com. Read the original article here.