5 Diamond successfully lead the acquisition of New Horizon Industries by Private Equity firm GenEx 360 Whitson's Culinary Group.
The strategic transaction provided both companies with the ability to grow sales significantly and created a streamlined process for their customers.
George Fiorile acted as the M/A advisor for New Horizon and its ownership group.
MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) signed a definitive agreement to acquire T&L Creative Salads, Inc. on December 23, 2021. In a related transaction, MamaMancini's Holdings, Inc. also signed a definitive agreement to acquire Olive Branch, LLC. MamaMancini’s will acquire T&L and Olive Branch for a combined purchase price of $14 million, including $11 million in cash at closing and $3 million in a four-year note to the principals of T&L. The cash payment was chiefly funded through the MamaMancini’s cash on hand and a $7.5 million long-term acquisition note from M&T Bank.
Anthony Morello will remain as Chief Executive Officer of T&L and Olive Branch with a five-year contract. Closing is subject to closing conditions and is expected to occur on or about December 29, 2021. Management’s analysis is that this acquisition will be substantially accretive to EBITDA and earnings in the future. MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) is looking for acquisitions. Matthew Brown, President and Chief Operating Officer said, "we continue to look towards vertical integration through the acquisition of companies that not only align with our core competencies, but also align with our plant capabilities. We believe we have taken the steps necessary to prepare our management team for opportunities to gain leverages in cross-company product expansion and management of potential efficiencies". MamaMancini's Holdings, Inc. (NasdaqCM:MMMB) completed the acquisition of T&L Creative Salads, Inc. for $13 million on December 29, 2021. MamaMancini's Holdings paid $10 million in cash and $3 million in promissory note. T & L Creative Salads, Inc. received all consents, authorizations, orders and approvals from the Governmental Authorities.
John C. Bennett of Gathman & Bennett acted as legal advisor to T & L Creative Salads and Robert H. Friedman of Olshan Frome Wolosky acted as legal advisor MamaMancini's Holdings. George Fiorile of Five Diamond Development acted as broker to T & L Creative Salads.
"I highly recommend 5 Diamond Development. We worked with George and his team to help us conceptualize the layout for our restaurant renovation. He was instrumental in helping us in the initial phases of planning. His and his team’s coordination and guidance with early logistics helped us construct a design that was efficient for our space and needs. He also assisted us in focusing on a general direction and theme for our aesthetics, which turned out beautiful! Our work flow is optimized and our customers love the new look and feel of our restaurant.- Michael Benas, Point 40 Diner"
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George Fiorile, Founder - 5 Diamond Development
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