Refile: BUZZ-MamaMancini's up as co to acquire two gourmet food manufacturers for $14 mln

Mama's Creations

23/12/2021 15:10

(Adds dropped word "day" in first bullet)
    ** Shares of frozen foods distributor  MMMB.O  rise as much
as ~11% to $2.15; on course for best day since April this year
    ** Co to acquire two gourmet food manufacturers for a
combined purchase price of $14 mln    
    ** The two gourmet food manufacturers based in New York are
T&L Creative Salads Inc and Olive Branch LLC 
    ** Co says deal expected to close on or about December 29
    ** MMMB says T&L and Olive Branch are positioned to generate
over $30 mln in sales in 2021; have potential to drive sales of
$35 mln in 2022 and significantly increase MMMB's net income
    ** Co says deal includes $11 mln in cash at closing and $3
mln in a four-year note to principals of T&L  urn:newsml:reuters.com:*:nGNX9ddq4s
    ** Says current CEO of T&L Anthony Morello will remain as
CEO of T&L and Olive Branch with a five-year contract
    ** CEO of MMMB Carl Wolf says this acquisition is co's first
step in its growth through acquisition strategy  
    ** Stock up ~20% this year 

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com;))