Smart for Life Announces Engagement of Amerivest Group in Expansion of its Acquisition Pipeline
MIAMI, Aug. 22, 2024 (GLOBE NEWSWIRE) -- Smart for Life, Inc. (NASDAQ:SMFL) ("Smart for Life" or the "Company"), a distinguished leader in the Health & Wellness sector specializing in the marketing and manufacturing of nutritional supplements and foods, announced today the expansion of the Company's acquisition pipeline through the engagement of Amerivest Group, providing the Company with M&A opportunities through their established network. The announcement was made jointly by A.J. Cervantes, Jr., Chairman of Smart for Life and Scott A. Levine, Regional Director of Amerivest Group.
"Amerivest Group is a premier M&A advisory firm that has been in business for over 40 years, and we are delighted to partner with them on our proactive M&A program," stated Mr. Cervantes. "As we have announced previously, despite our acquisition activity being reduced during our restructuring initiatives, we are anticipating reinvigorating our M&A strategy. As we work to complete our 10-K and 10-Q filings and pursue our capital raise, we anticipate our activity to pick up speed, including our previously announced transactions. We are looking forward to working with the Amerivest team as an additional component of our pipeline."
"With our deep experience in the M&A sector, we have worked with numerous acquirers over the years completing transactions of all sizes," said Mr. Levine. "It is clear that the Smart for Life team is comprised of seasoned capital markets executives, and we look forward to working with them to execute efficient acquisitions as part of their Buy-and-Build strategy in the nutraceutical industry."
Smart for Life is seeking profitable companies in the nutraceutical industry across the United States, with between $5 million and $25 million in annual revenue. We pursue targets that are committed to innovation, high quality standards, organic growth, and that want to be part of a larger publicly held organization.
"Working with the team at Amerivest, they have already identified dozens of opportunities and potential acquisition targets," stated Darren Minton, Smart for Life's Chief Executive Officer. "We believe this represents a significant addition to our M&A initiatives, and while there is no assurance that any particular acquisition will be completed, we believe the pure size of the pipeline creates an enormous prospective opportunity for the Company, as we continue to implement our strategy and drive toward our publicly stated goal of $100 million in revenue through both organic growth and M&A initiatives."
Completion of any acquisitions in the Company's pipeline is subject to a number of conditions including successful due diligence and financing.
About Amerivest Group
Amerivest Group and its affiliate, Amerivest Advisors LLC, is an M&A firm offering exceptional transactional and financial expertise to lower middle market companies seeking a divestiture, merger, acquisition, recapitalization, or growth capital through a variety of time tested mechanisms. With a team of accomplished deal makers, Amerivest offers a unique blend of sophisticated solutions and extraordinary client service to an underserved segment of the market. The firm is comprised of seasoned professionals who have diverse backgrounds in Mergers & Acquisitions, strategic planning, corporate development and corporate finance. Our team has worked extensively as principals and intermediaries in structuring and closing transactions with an aggregate value in excess of $250 million. For more information about Amerivest, please visit: www.amerivestgroup.com.
About Smart for Life, Inc.
Smart for Life, Inc. (NASDAQ:SMFL) is an emerging growth company in the nutraceutical industry, committed to delivering innovative solutions that promote Health & Wellness. With a focus on research-driven formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The Company is engaged in the development, marketing, manufacturing, acquisition, operation and sale of a broad spectrum of nutritional and products. Structured as a publicly held holding company, the Company is executing a Buy-and-Build strategy with serial accretive acquisitions creating a vertically integrated company. To drive growth and earnings, Smart for Life is developing proprietary and related products as well as acquiring other profitable companies, encompassing brands, manufacturing and distribution channels. The Company recently concluded the execution of a restructuring plan including recapitalization of the Company with equity and debt financings, the sale of certain non-performing assets, and the successful liquidation of the Company's senior debt facility. In addition, the Company converted substantial debt obligations to equity materially improving the Company's balance sheet. For more information about Smart for Life, please visit: www.smartforlifecorp.com.
Forward-Looking Statements
This press release may contain information about our views of future expectations, plans and prospects that constitute forward-looking statements. All forward-looking statements are based on management's beliefs, assumptions and expectations of Smart for Life's future economic performance, taking into account the information currently available to it. These statements are not statements of historical fact. Although Smart for Life believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Smart for Life does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law. No assurances can be made that Smart for Life will successfully acquire its acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause Smart for Life's actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Actual results may differ materially from the expectations discussed in forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks set forth in "Risk Factors" included in our filings with the Securities and Exchange Commission.
Disclaimer
The information provided in this press release is intended for general knowledge only and is not a substitute for professional medical advice or treatment for specific medical conditions. Always seek the advice of your physician or other qualified health care provider with any questions you may have regarding a medical condition. This information is not intended to diagnose, treat, cure or prevent any disease.
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