MIAMI, Dec. 04, 2023 (GLOBE NEWSWIRE) -- 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 that it has executed a Letter of Intent (LOI) to acquire a state-of-the-art manufacturer of vitamins and supplements, which is expected to add an estimated $20 million of revenue on a pro forma basis over the next year.
"We are pleased to announce this latest LOI as part of our M&A strategy in the nutraceutical space," said A.J. Cervantes, Jr., the Company's Chairman. "This transaction will be our largest acquisition to date. Upon closing, Smart for Life will be continuing our mission of acquiring complementary businesses at attractive valuations, especially as we grow toward our stated goal of $100 million in revenue."
"This target acquisition brings significant manufacturing capabilities in the health and wellness sector and should be highly synergistic with our existing channels and brands," stated Darren Minton, CEO of Smart for Life. "In addition, the company is already audited by a top ten PCAOB accounting firm, which will significantly ...