Mama’s Creations acquires all assets of Crown I Enterprises for $17.5M in cash

Mama’s Creations (MAMA) announced it has acquired substantially all of the assets of Crown I Enterprises, a full-service manufacturer of value-added proteins and ready-to-eat meals and wholly owned subsidiary of Sysco Corporation. The acquisition also adds new strategic capabilities such as a recently upgraded and expanded 42,000-square-foot USDA-certified production facility in Bay Shore, NY – complete with significant incremental grill capacity on equipment Mama already runs – along with approximately 200 employees. Mama’s Creations will acquire the Crown business for $17.5 million in cash, subject to customary adjustments. The all-cash transaction will be funded in part through an amended and restated $27.4 million senior secured credit facility with M&T Bank. Pre-synergy net leverage at closing is expected to be less than 1x EBITDA.