The companies will combine as the “Tattooed Chef”
Forum Merger Corp. II (FMCI), announced this morning that they have signed a definitive business combination agreement with Ittella International, a plant-based food company with a broad portfolio of products available both in private label and the Company’s “Tattooed Chef” brand. Itella and Forum will combine as Tattooed Chef, Inc. with an anticipated initial enterprise value of approximately $482 million, 2.2x Tattooed Chef’s estimated 2021 revenue of $222 million, or 15.6x Tattooed Chef’s estimated 2021 Adjusted EBITDA of $30.8 million.
Tattooed Chef Investment Highlights
- High growth and innovative plant-based food company with an established brand as well as a private label presence, serving leading national retailers, with significant growth opportunities through expanded distribution to new and existing customers
- Large addressable market in the $55 billion U.S. frozen food category where plant-based products are rapidly expanding share
- Strong product positioning aligned with major consumer trends
- Diverse portfolio of plant-based products with a proven innovation track record of creating great tasting, unique flavor profiles that allow consumers to connect with a plant-based lifestyle
- Passionate management team with deep food industry expertise
- Compelling financial profile
- Projected $148 million and $222 million in revenue and $17 million and $31 million in Adjusted EBITDA in 2020 and 2021, respectively
- Projected 2018-2021 revenue compounded annual growth rate of 67%
- Anticipated initial enterprise value of approximately $482 million implying a 2.2x and 15.6x multiple of projected 2021 revenue and Adjusted EBITDA, respectively
Tattooed Chef will be led by Sam Galletti, President and CEO, Stephanie Dieckmann, COO and CFO, and Sarah Galletti, the creator of Tattooed Chef and Creative Director. The Company intends to split the roles of CFO and COO and has initiated a search for a new CFO. Stephanie Dieckmann will continue to serve both roles until a new CFO has been appointed.
Key Transaction Terms and Conditions
In connection with the transaction, the Company’s current shareholders are retaining 80% of their equity, which will convert into 60% of the outstanding shares of the combined company at closing, assuming no redemptions by Forum’s public stockholders. After giving effect to any redemptions by the public stockholders of Forum, the balance of the approximately $200 million in cash held in Forum’s trust account will be used to pay cash consideration to the Company’s shareholders and transaction expenses, with the remainder staying on the balance sheet to fund the combined company’s growth and for general corporate purposes. The Company’s current shareholders will have the potential to receive an earnout, payable in the form of Tattooed Chef common stock, if certain Tattooed Chef stock price targets are met, as set forth in the definitive agreement.
The transaction is expected to close in the third quarter of 2020.
Quick takes: There has been huge speculation as to what company FMCI was going to buy. Impossible Foods, being one….which sort of seemed “impossible”. But the Tattooed Chef has a great product offering and plant-based foods are a hot and growing sector. In fact, FMCI provided a handy benchmarking page in their presentation (page 26) that shows based on the last twelve months the Tattooed Chef racked up $102.1 million in net sales versus Beyond Meat’s $87.9 million, which is helpful to get a sense of scale for this company. And if we look at the EV/EBITDA multiples, Beyond Meat shows 126.8x versus Top Chef’s 15.6x. The rest of the comps do not have as stratospheric multiples, but it still feels like a solid discount was built into this transaction. Plus, I’ve tried the Beyond Burger and didn’t love it, but I would absolutely try some of the meals they show in the presentation and I like the greater variety in product offering. And frankly, the logo is pretty cool too. Sounds like FMCI cooked up a winner.
ADVISORS
- Harrison Co. acted as financial advisor to Ittella International.
- Rutan & Tucker, LLP served as legal counsel to Ittella International.
- Jefferies LLC served as lead financial advisor and capital markets advisor to Forum.
- EarlyBirdCapital, Inc. served as financial advisor to Forum.
- Winston & Strawn LLP served as legal counsel to Forum.


Globa Terra Acquisition Corporation (NASDAQ:GTERU) announced the pricing of its $152 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “GTERU”, Wednesday, July 9, 2025. The new SPAC plans to mount a search for a target in the agriculture, agtech or biotech sectors with an emphasis on water...
M3-Brigade V (NASDAQ:MBAV) has entered into a definitive agreement to combine with crypto treasury firm ReserveOne, assembling about $1 billion in equity funding. ReserveOne is setting up a diversified Bitcoin and digital asset treasury with a portion of its investments going towards blockchain infrastructure and venture raises. The combined company is expected to trade on...
At the SPAC of Dawn As the SPAC market has warmed in 2025, only 21 of the 70 SPACs (30%) that have IPO’d thus far have overfunded their trusts to draw in investors and none of these funded to more than 101%. By contrast, 87% of 2023 SPACs were overfunded – some to as high...
Emmis Acquisition Corporation (NASDAQ:EMISU) has filed for a $100 million SPAC to take a look at the manufacturing sector after a few unique wrinkles in their IPO process. Initial investors are set to receive one right to a 1/10 share in each unit purchased and the SPAC will have 18 months to complete a business...
Chenghe III (NASDAQ:CHEC.U) has filed for a $110 million SPAC to continue the team’s growing series while turning to a new underwriter. The new SPAC is offering investors a 1/2 warrant in each unit and no overfunding of the trust, but it will need to complete a business combination within 18 months of its IPO...