Smart for Life, Inc. (Nasdaq: SMFL) (“Smart for Life” or the
“Company”), a high growth global leader in the health &
wellness sector, marketing and manufacturing nutritional foods and
supplements worldwide, today announced the completion of its
previously announced Ceautamed Worldwide acquisition.
“This is an unequivocal validation of our ‘buy
and build’ acquisition strategy, as we execute on our mission to
become a dominant global force in the health and wellness sector,”
noted A.J. Cervantes, Jr., Executive Chairman of Smart for Life.
“This transaction provides numerous benefits to Smart for Life
including not only solid financials, including positive EBITDA, but
also the addition of experienced management, a successful medical
distribution channel, migration of substantial contract
manufacturing business to our Miami-based manufacturing facility
and, most importantly, the addition of the Greens First brand with
over 45 SKUs to our growing portfolio of great brands and
products.”
Smart for Life’s acquisition of Ceautamed closed
on July 29, 2022 and brings with it the Greens First line of
products, which have been sold primarily via medical channels for
over 20 years. Ceautamed has historically utilized third-party
contract manufacturing that will migrate to Bonne Santé Natural
Manufacturing, Smart for Life’s wholly owned state-of-the-art
FDA-certified manufacturing facility based in Miami, Florida.
Stuart Benson, Ceautamed’s Founder and Chairman,
said, “Ryan Benson, Ceautamed’s Chief Executive Officer, and I have
worked proactively with the Smart for Life team to ensure a
seamless transition, and we look forward to consolidating
Ceautamed’s operations with Smart for Life’s. We have successfully
built Ceautamed over the last 20 years and are excited to be part
of the team supporting Ceautamed’s next chapter.”
Ryan Benson, Ceautamed’s CEO, remarked, “Over
the past decade building our company, our entire team has spent
countless hours and has been completely dedicated to the success of
Ceautamed’s brands such as Greens First. We are thrilled about our
agreement with Smart for Life and we look forward to the long-term
future of our business with their support.”
An additional key benefit of the Ceautamed
acquisition is leveraging Smart for Life’s considerable
direct-to-consumer expertise and cross marketing Greens First
products through its existing marketing initiatives on Amazon and
other platforms.
“Our entire management team has been diligent in
working to identify opportunities that we will now actualize,
particularly consolidation and cross marketing benefits of our
other products and services,” said Darren Minton, Smart for Life’s
Chief Executive Officer. “In addition, this acquisition not only
validates our business model but contributes to our previously
announced goal of $300 million in revenue within the next several
years, while enabling us to achieve significant economies of scale.
Despite adverse market conditions, we told our shareholders we
would accomplish this acquisition, and we did.”
Alan Bergman, Smart for Life’s Chief Financial
Officer, said, “Notwithstanding the worldwide financial market
meltdown, high inflation, the Russian-Ukrainian war and the
material diminution of market valuations for public companies
across the board, we were determined in structuring and securing
the necessary financing to successfully complete this transaction.
I’m pleased to report that not a single share of stock was sold to
accomplish the Ceautamed acquisition.”
Mr. Cervantes added, “We believe it is only a
matter of time before the market recognizes the opportunity that
Smart for Life represents. Despite adverse conditions that
companies of all shapes and sizes are currently experiencing, we
believe we will continue to get transactions completed to further
our business goals and reach significant organizational milestones
which, in turn, can lead to enhanced market valuations.”
Mr. Minton concluded, “It is our opinion that
our proactive acquisition strategy, targeting accretive cash flow
positive companies, combined with strategies to enhance organic
growth, represents the best path to drive long-term value for
shareholders.”
A video regarding Mr. Minton’s public statement
discussing the Ceautamed acquisition is here:
www.smartforlifecorp.com./ceautamed-video/.
About Ceautamed Worldwide
Ceautamed Worldwide, based in Boca Raton,
Florida, was formed in 2009 and owns the Greens First line of
branded products which have been specifically marketed to the
healthcare provider sector. These vitamins and supplements have
been sold on a business-to-business basis, direct-to-consumer as
well as sold utilizing an international medical distribution
company pursuant to a long-term contract. Ceautamed’s Greens First
brand also maintains an online presence at:
www.greensfirst.com.
About Smart for Life, Inc.
Smart for Life, Inc. (Nasdaq: SMFL) is engaged
in the development, marketing, manufacturing, acquisition,
operation and sale of a broad spectrum of nutritional and related
products with an emphasis on Health & Wellness. Structured as a
publicly held global holding company, the Company is executing a
buy-and-build strategy with serial accretive acquisitions creating
a vertically integrated company with an objective of aggregating
companies generating a minimum of $300 million in revenues within
the next thirty-six months. To drive growth and earnings, Smart for
Life is developing proprietary products as well as acquiring other
profitable companies, encompassing brands, manufacturing and
distribution channels. The Company currently operates five
subsidiaries including Doctors Scientific Organica, Nexus Offers,
Bonne Santé Natural Manufacturing, GSP Nutrition and Ceautamed
Worldwide. For more information about Smart for Life, please visit:
www.smartforlifecorp.com.
Video regarding the Company’s manufacturing
facility at Bonne Santé Natural Manufacturing is available at:
www.bonnesantemanufacturing.com/video.
Investor material and a Fact Sheet with
additional information about Smart for Life is available at:
www.smartforlifecorp.com/investor-center.
Forward-Looking Statements
This press release may contain information about
our views of future expectations, plans and prospects that
constitute forward-looking statements. All forward-looking
statements are based on management’s beliefs, assumptions and
expectations of Smart for Life’s future economic performance,
taking into account the information currently available to it.
These statements are not statements of historical fact. Although
Smart for Life believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be attained. Smart
for Life does not undertake any duty to update any statements
contained herein (including any forward-looking statements), except
as required by law. No assurances can be made that Smart for Life
will successfully acquire its acquisition targets. Forward-looking
statements are subject to a number of factors, risks and
uncertainties, some of which are not currently known to us, that
may cause Smart for Life’s actual results, performance or financial
condition to be materially different from the expectations of
future results, performance or financial position. Actual results
may differ materially from the expectations discussed in
forward-looking statements. Factors that could cause actual results
to differ materially from expectations include general industry
considerations, regulatory changes, changes in local or national
economic conditions and other risks set forth in “Risk Factors”
included in our filings with the Securities and Exchange
Commission.
Disclaimer
The information provided in this press release
is intended for general knowledge only and is not a substitute for
professional medical advice or treatment for specific medical
conditions. Always seek the advice of your physician or other
qualified health care provider with any questions you may have
regarding a medical condition. This information is not intended to
diagnose, treat, cure or prevent any disease.
Investor Relations Contact
Crescendo Communications, LLCTel: (212)
671-1021SMFL@crescendo-ir.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1739cbb-d323-47dc-a948-dab7b12f4587
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