UMB Capital Corporation Finds Success with Portfolio Company, Tattooed Chef, Inc.’s Merger and Initial Public Offering
October 19 2020 - 9:00AM
Business Wire
UMB Financial Corporation (Nasdaq: UMBF) announced that UMB
Capital Corporation, a small business investment company (SBIC) and
subsidiary of UMB Bank, n.a., has acquired approximately 4.05
million shares of Tattooed Chef, Inc. (Nasdaq: TTCF) as a result of
a business combination transaction between Forum Merger II
Corporation, a special purpose acquisition entity, and the former
parent company of Ittella International LLC, resulting in the new
public company. UMB Financial Corporation expects to realize as of
closing a gain of approximately $42 million from an initial
investment of $7 million.
UMB Capital Corporation had owned a 12.5% stake in Ittella since
April 2019. It now owns approximately 7% of Tattooed Chef, Inc. on
a fully diluted basis.
“This is an exciting time for Tattooed Chef, Inc. and its
shareholders as they begin this new chapter,” said Andre Trudell,
president of UMB Capital Corporation. “What began as a lending
relationship between UMB and Sam Galletti and Family has truly
grown into a great partnership and success story. Working through
the lifecycle of their company’s evolution has been a privilege. We
look forward to investing and partnering with more businesses to
help them reach their ultimate goals.”
As a result of UMB Capital Corporation’s ownership interest, it
received approximately $9 million in cash along with the shares of
Tattooed Chef at the closing of the transaction. Additionally, if
the Tattooed Chef, Inc. common stock achieves certain trading
milestones during the three years following the closing, UMB
Capital Corporation could receive up to an additional 625,000
shares of Tattooed Chef, Inc.
“Our relationship with UMB Capital has been important for our
growth and success as a company,” said Sam Galletti, chairman and
chief executive officer of Tattooed Chef, Inc. “With the support of
UMB we have developed a unique and industry-altering food
alternative. Now, with our transition to a public company we will
have greater resources to fund the next stage or the advancement of
the Tattooed Chef. We are pleased to have them continuing as an
important stockholder in the company.”
Since 2015, UMB Capital Corporation has assisted more than 45
companies with growth, acquisition, change of control, and
recapitalization via debt and equity investments.
“At UMB, we bring an entrepreneurial spirit to all we do, which
is why being able to invest in companies in which we see great
potential is all the more rewarding,” said Mariner Kemper,
chairman, president and chief executive officer of UMB Financial
Corporation. “The diversity of our business gives us the
opportunity to strategically invest and help others grow their
businesses while also meeting a variety of their financial services
needs. This is an exciting time for our own more than 100-year-old
startup to find new ways to grow our business while helping others
reach their full potential.”
UMB Capital Corporation specializes in effectively capitalizing
middle market business, as well as helping high-growth financial
technology companies achieve long-term goals. Investments range
from $500,000 to $7.5 million with companies in the niche
manufacturing, distribution, industrial and business services
industries. UMB Capital Corporation is part of UMB’s Capital
Finance division, which also offers a suite of financial solutions
ranging from accounts receivable purchases and invoice financing to
asset-based loans.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a financial services
company headquartered in Kansas City, Missouri. UMB offers
commercial banking, which includes comprehensive deposit, lending
and investment services, personal banking, which includes wealth
management and financial planning services, and institutional
banking, which includes asset servicing, corporate trust solutions,
investment banking, and healthcare services. UMB operates branches
throughout Missouri, Illinois, Colorado, Kansas, Oklahoma,
Nebraska, Arizona and Texas, and serves business and institutional
clients nationwide. For more information, visit UMB.com, UMB Blog,
UMB Facebook and UMB LinkedIn, or follow us on Twitter at @UMBBank.
For information about UMB’s operations, approach and relief
measures during the COVID-19 pandemic, please visit
umb.com/COVID-19.
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Media Contact: Kristin Kovach: 816.507.1069 Investor Relations
Contact: Kay Gregory: 816.860.7106
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