Monday, Smart for Life, Inc SMFL announced that it has executed a definitive agreement to acquire Purely Optimal Nutrition, a premier eCommerce nutraceuticals company with operations in North America.
A.J. Cervantes, Jr., Smart for Life's founder and Chairman, stated, "As part of our synergistic M&A approach, the resources provided by Smart for Life will enable Purely Optimal to accelerate revenue growth and meaningfully expand margins even further."
Why Does It Matter? Darren Minton, CEO of Smart for Life said, "Purely Optimal is currently generating estimated revenue in excess of $8 million and over $1 million of Adjusted EBITDA for the trailing twelve months."
Mr. Minton continued, "We believe that Smart for Life can help further support and monetize that customer base with some substantial brand extensions, particularly in the area of the creation of Purely Optimal nutritional food products, formulated and manufactured at our FDA certified facility."
The acquisition is expected to close within the next eight weeks and is subject to financing and customary closing conditions.
Price Action: SMFL shares traded higher by 10.70% at $0.55 premarket on the last check Monday.
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