Romana Food Brands Corp.(Romana) Signs Letter of Intent to Acquire Michelis Egidio SNC di Michelis C.M.M. (Michelis) - A Globally Expanding, Premium Authentic Italian Cuisine Producer
OAKVILLE, ON, Jan. 16, 2018 /PRNewswire/ - Romana Food Brands Corp. (OTC Markets: RFBC) announced today the signing of a binding letter of intent to acquire the northern Italian based specialty artisanal producer Michelis Egidio SNC di Michelis C.M.M. ("Michelis"). This strategic acquisition will add $19 million USD in Annual Revenue to the corporation.
Romana will acquire 100% of Michelis, which was founded in 1919 and specializes in the production of fresh, dried and frozen pasta, baked goods and a line of desserts. According to the letter of intent, the company will proceed with a formal due-diligence, and expects to sign a definitive agreement within the next month and close the acquisition on or before April 30, 2018.
Michelis supplies numerous restaurants and vendors, including the distinguished global Eataly Italian marketplace; an establishment comprised of a variety of restaurants, bakeries, retail merchandise vendors and cooking schools. Eataly delivers to the most discerning palates for fine Italian cuisine from New York to Tokyo, and will soon be opening in Toronto.
"The integration of Michelis branded products within our distribution channels makes this a perfect match" said Morrie Fogelbaum, Chairman of Romana. "Our objective of becoming the new Italian food leader is becoming a reality thanks to our Mergers and Acquisitions strategy bringing one acquisition and integration at a time. This brings us a step closer to our target of achieving $100 million in Revenue for 2018".
The company is developing new technology to create the next generation of food traceability and control to be equipped for the ever-growing risks associated with health matters and the protection of brand trademarks. This technology is being created in partnership with leading experts and will yield significant returns to shareholders of Romana Food Brands Corp.
