MamaMancini’s Holdings has changed its name to Mama’s Creations to reflect an “evolution into a national, deli-prepared foods” company.
Speaking to Just Food in March, chairman and CEO Adam Michaels outlined his plans to continue to develop East Rutherford, New Jersey-based MamaMancini’s beyond a meatballs-centric and “authentic heritage” Italian food brand, into a “one-stop-shop deli solution” supplier.
It now boasts an extensive prepared foods portfolio, stretching from meat and sausages to peppers, salads, pastas and panini, to Asian ready-meals, Tex Mex and olives.
Mama’s Creations will retain its Nasdaq listing but with a change of ticker symbol – to MAMA – effective from today (2 August).
Michaels, who joined the business last September, said in a statement: “The adoption of our new corporate name Mama’s Creations – as well as the introduction of a new corporate website – are important steps in our journey to become a first-of-a-kind national deli-prepared foods platform company.
“This bold new brand embraces our leadership in fresh, clean and easy to prepare meals, while allowing our identity to expand into a broader array of new, in-demand international and differentiated deli foods products for grocers nationwide.”
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He added that the Italian food brand MamaMancini’s will be retained but the company’s new identify “will further enable us to drive incremental SKUs into our grocer customers”.
Michaels spelt out his longer-term ambitions in September to drive revenue to the $1bn mark, putting the value of the deli case in the US at $25bn.
“We have an audacious goal that we’ve built out – we can be a billion-dollar company,” Michaels said. “I’ve shared a timetable with the board [but] I haven’t shared a timetable publicly.”
The CEO said at the time that M&A would feature in his goals. And to that end, MamaMancini’s acquired in June the remaining 76% share in New Jersey-based Chef Inspirational Foods, a supplier of prepared food products such as salads, meals and side dishes. It bought an initial 24% interest in 2022.
MamaMancini’s paid $3.7m for the additional stake for an “implied enterprise value” of $4.8m.
In the financial year to 31 January, MamaMancini’s reported revenue of $93.2m, a 98% increase from the previous 12 months. Adjusted EBITDA climbed to $4.3m from $1.1m, while net income turned to a $2.3m profit, compared to a $0.3m loss.
Also in June, the company announced first-quarter revenue to 30 April was up 6% at $23.1m Adjusted EBITDA increased 278% to $2.5m and net income rose to $1.4m from $0.1m.
Lauren Sella, meanwhile, joined MamaMancini’s in June in the newly created role of chief marketing officer. Like Michaels, she was appointed from Mondelez International.
Sella said: “We see tremendous growth potential for our company under the Mama’s Creations name, with a growing line-up of highly incremental products under a core platform brand. As we continue to scale into a national one-stop-shop deli solutions provider, our family of brands will remain focused on clean, affordable and easy-to-prepare meal solutions.”