Greenfield Farms Food Inc. announced today that it has signed a definitive agreement to acquire 100 percent of the equity interest in Carmela's Pizzeria. Carmela's presently has three Dayton, Ohio, area locations offering New York-style pizza.
In addition, Carmela's offers a full-service menu for dine in, carry out and delivery as well as pizza buffets in select stores.
Details of the transaction call for all of the equity interests in Carmela's to be acquired by a newly-created, wholly-owned operating subsidiary of Greenfield in exchange for shares of Greenfield common stock and warrants.
"We believe we have created an exciting concept with our pizza segment including a scalable platform for both company owned and franchise operations nationally; and are looking forward to being part of a public company and the capital it can provide to help us grow our business model," said Ron Heineman, Carmela's president.
"Americans love of pizza and there is a proven track record within this multibillion dollar industry for offerings outside of the typical giant pizza delivery chains," added Henry Fong, Greenfield president. "It our opinion that Carmela's has built a solid business model offering quality food at affordable prices that can be scaled-up quickly with sufficient capital resources."
Closing of this transaction is subject to, among other things, final due diligence by the parties, completion of audited financial statements, preparation of schedules to the definitive agreement, and any final board of director and/or stockholder approvals as necessary.
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