New National and Regional Customers Provided by Acquisition of T&L Creative Salads and Olive Branch Bolster Footprint; Positions Company to Sell Additional SKUs into Each Location
EAST RUTHERFORD, NJ, Feb. 01, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), a marketer and distributor of specialty pre-prepared all-natural foods, today announced the addition of new national and regional customers from the recent acquisition of premier gourmet food manufacturers T&L Creative Salads (“T&L”) and Olive Branch. The Company estimates the acquisition provided over 3,000 new locations for the combined company and over 10,000 spots on retailer shelves.
MamaMancini's closed the acquisition of T&L and Olive Branch, which are related premier gourmet food manufacturers based in New York, on December 29, 2021. T&L offers a full line of foods for retail food chains and club stores, delis, bagel stores, caterers and distributors. Olive Branch sells olives, olive mixes, and savory products to a limited number of large retail customers, primarily in pre-packaged containers.
In January 2022, MamaMancini's began shipping to the following new customers through its acquisition T&L and Olive Branch: Aldi (1,900 national locations), Schnucks (130 locations in Missouri), Bashas (110 locations in Arizona and New Mexico), HEB (300 locations in Texas), M&V Provisions (New York Metro), and AFI Food Service (East Coast). Additional shipments include several regional chains and distributors in food service, as well as over 100 individual ShopRite and Key Foods locations in New York, Connecticut and New Jersey.
“Integration of our acquisition has proceeded rapidly in the past month, bringing with it over 10,000 new locations on retailer shelves nationwide,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “We have been highly impressed with the teams at T&L and Olive Branch and continue to believe they are well-positioned to drive sales of at least $35 million in 2022.
“Looking ahead into the new year, we are working on leveraging our pre-existing network of tier-1 distribution partners paired with the newly acquired product portfolio and expect this acquisition will be substantially accretive to EBITDA and earnings as we bolster each other’s national sales presence. This sustained operational execution, combined with our new products and notably expanded sales footprint, positions us to create significant long-term value for our shareholders,” concluded Wolf.
About MamaMancini’s Holdings, Inc.
MamaMancini's Holdings, Inc. (NASDAQ: MMMB) is a marketer and distributor of specialty pre-prepared, all-natural foods. MamaMancini’s broad product portfolio consists of meatballs, meat loaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC and through Amazon Fresh. For more information, please visit www.mamamancinis.com.
Forward-Looking Statements
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2021 and other filings made by the Company with the Securities and Exchange Commission.
Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
MMMB@mzgroup.us
www.mzgroup.us
