Ittella International, a company that makes plant-based foods, is planning to go public
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Tattooed chef : Ittella International, a plant-based foods company that sells both private label and Tattooed Chef branded products, is expected to go public in the third quarter of 2020 after merging with Forum Merger II Corporation, a special purpose acquisition firm, for an estimated enterprise value of $482 million.
Ittella International’s finance advisor was Harrison Co., and its legal counsel was Rutan & Tucker, LLP.
The acquisition is subject to the approval of Forum’s stockholders and the fulfilment of certain other closing conditions set forth in the two parties’ business combination agreement.
Current Ittella International shareholders are likely to keep 80 percent of their stock, which will convert into 60 percent of the combined company’s outstanding shares.
Sarah Galletti, the founder of Tattooed Chef, who will lead the public company alongside Sam Galletti, CEO and president, and Stephanie Dieckmann, COO and CFO, told me that an IPO will help Ittella International build brand awareness, expand distribution, launch innovative products, and invest in its infrastructure to capitalise on the global plant-powered food market.
“We were seeking for a partner with the financial resources as well as the capacity to grasp the ethos of this firm, and Forum jumped out to us,” she explained.
We share a cultural connection with their leaders, and we look forward to combining all of our strengths: force, culture, creativity, and innovation.
Ittella International will shortly unveil its new Nasdaq ticker after putting together three “strong and imaginative designs” that adhere to the requirements, according to Galletti.
Expansions in retail and categories
While Tattooed Chef’s products, such as smoothie bowls, cauliflower pizza crust, and other vegan and gluten-free options, are accessible in major U.S. retailers, Galletti feels they are still unavailable in many regional stores.
“With major regional stores and some of the largest groceries, there is still a tremendous opportunity,” she said.
“With our branded products, we are currently in 7% of Walmart shops and plan to be in around 50% by the end of the year.”
Ittella International also wants to grow in the frozen aisle, which Galletti estimates is worth $55 billion in the United States and $380 billion internationally.
“We are particularly interested in the $12.6 billion frozen desserts category in the United States, which represents a significant opportunity,” she said.
We can invent and innovate faster, more efficiently, and at a bigger volume since we make our own products,” Galletti noted.
“We have over 100 new concepts and recipes in various stages of development that we have yet to disclose or release,” says the company.
COVID-19 has had no effect on Ittella International’s revenues, which are expected to reach $148 million this year and $222 million in 2020, representing a 67 percent CAGR between 2018 and 2021, according to Galletti.
“We anticipate Tattooed Chef will generate revenue and adjusted EBITDA growth above 20% as we continue to invest in the brand and extend our retail footprint, and an adjusted EBITDA margin in the high teens,” she said in the long run.
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