MamaMancini's Holdings, Inc. acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million.
June 28, 2023
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MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million on June 28, 2023. Per the terms of the Membership Interest Purchase Agreement, the purchase price includes $0.95 million in cash at closing, and $2.7 million in a promissory note. The promissory note requires a principal payment of $1.2 million in cash on the first anniversary of the closing date, and a payment of $1.5 million in common stock of MamaMancini on the second anniversary of the closing date.Jonathan R. Zimmerman of Faegre Drinker Biddle & Reath LLP acted as legal advisor to MamaMancini's Holdings, Inc. Lawrence Scherer of Scherer & Pudell, PLLC acted as legal advisor to R&I Loeb Family, LLC and Siegel Suffolk Family, LLC. Littlebanc Advisors, LLC acted as broker in the transaction.
MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) completed the acquisition of remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC on June 28, 2023.
Mamaâs Creations, Inc., formerly MamaManciniâs Holdings, Inc., is a marketer and manufacturer of fresh deli prepared foods. The Companyâs broad product portfolio consists of a variety of fresh, clean and easy to prepare foods to address the needs of both its consumers and retailers. The Companyâs brands include MamaManciniâs, Creative Salads, and The Olive Branch. MamaManciniâs provides beef meatballs, turkey meatballs, stuffed meatballs, and lasagna rollups. Creative Salads offers a full line of foods ready for deli case, catering job, or party. The Olive Branch is engaged in providing olive products and specialty items.
MamaMancini's Holdings, Inc. acquired remaining 76% stake in Chef Inspirational Foods, Inc. from R&I Loeb Family, LLC and Siegel Suffolk Family, LLC for $3.7 million.
MAMA'S CREATIONS, INC. 
