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New Deal


Announced

Forum Merger II to acquire Ittella International.

Financials

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Transaction Value£334m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Sources

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Tags

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United States

Single Bidder

Acquisition

food ingredients

Domestic

Friendly

fresh produce

Pending

Food Products

Public

Reverse Takeover

De-SPAC

Merger

Synopsis

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Forum Merger II, a special purpose acquisition company, agreed to combine the Ittella International, a plant-based food company with a broad portfolio of innovative products, and Forum as Tattooed Chef. This transaction will introduce Tattooed Chef as a Nasdaq-listed public company, with an anticipated initial enterprise value of approximately $482m, 2.2x Tattooed Chef’s estimated 2021 revenue of $222m, or 15.6x Tattooed Chef’s estimated 2021 Adjusted EBITDA of $30.8m. “After a thorough search, we are pleased to have signed a definitive agreement to bring Tattooed Chef public. The company has an exciting plant-based product portfolio, a compelling financial profile, and a long runway for growth. We look forward to working with the team at Tattooed Chef to further capitalize on these attractive growth prospects,” David Boris, Forum Co-CEO and CFO.

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