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Greenfield Farms Food Inc. has signed a non-binding Letter of Intent to acquire 100 percent of the equity interest in Ohio-based Carmela's Pizzeria.
Carmela's presently has three Dayton, Ohio area locations offering authentic New York style pizza. In addition, Carmela's offers a full-service menu for dine in, carry out and delivery as well as a pizza buffet in select stores.
"We are excited to become part of a public company as it will open up the capital markets to us in an effort to accelerate our growth as we believe that the simplicity of the Carmela's business model is highly scalable," said Ron Heineman, Carmela's president.
Completion of this transaction is subject to, among other things, further due diligence by the parties, negotiation and execution of definitive agreements, and any board of director and/or stockholder approvals as necessary.
"We believe Carmela's is a great addition for Greenfield given America's love of pizza and the proven track record of this multi-billion dollar industry," said Henry Fong, Greenfield president. "In our opinion Carmela's has built a solid business model offering quality food at affordable prices that can be scaled-up quickly with sufficient capital resources."
Greenfield Farms Food is a publicly-traded producer and marketer of "grassfed" beef supplying a North Carolina-based grocer on a very limited basis.
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