Smart for Life Announces Amerivest Group’s Commitment to Expand Its Acquisition Portfolio

Pipeline supporting Smart for Life’s buy-and-build business model as part of company restructuring initiatives

MIAMI, Aug. 22, 2024 (GLOBE NEWSWIRE) — Smart for Life, Inc. (Nasdaq: SMFL) (“Smart for Life” or the “Company”), a preeminent leader in the health and wellness industry specializing in the marketing and manufacturing of dietary supplements and foods, today announced the expansion of its acquisition pipeline with the engagement of Amerivest Group, providing the Company with merger and acquisition opportunities through their established network. The announcement was made jointly by AJ Cervantes Jr., Chairman of Smart for Life, and Scott A. Levine, Regional Director of Amerivest Group.

“Amerivest Group is a leading M&A advisory firm with over 40 years of experience, and we are pleased to partner with them as part of our proactive M&A program,” said Mr. Cervantes. “As previously announced, while our acquisition activity has been reduced during our restructuring initiatives, we anticipate reinvigorating our M&A strategy. As we work to finalize our 10-K and 10-Q filings and raise capital, we anticipate that our activity will accelerate, including our previously announced transactions. We look forward to working with the Amerivest team as an additional component of our process.”

“With our extensive M&A experience, we have worked with a variety of acquirers over the years on transactions of varying sizes,” said Mr. Levine. “It is clear that the Smart for Life team is comprised of experienced capital markets executives, and we look forward to working with them to execute effective acquisitions as part of their Buy-and-Build strategy in the nutraceutical industry.”

Smart for Life is looking for profitable nutraceutical companies in the United States with annual revenues between $5 million and $25 million. We pursue targets that are committed to innovation, high quality standards, organic growth, and want to be part of a larger public organization.

“Working with the Amerivest team, they have already identified dozens of opportunities and potential acquisition targets,” said Darren Minton, CEO of Smart for Life. “We believe this is a significant addition to our M&A initiatives, and while there is no guarantee that any specific acquisition will be completed, we believe the sheer size of the channel creates a tremendous potential opportunity for the company as we continue to execute our strategy and pursue our publicly announced goal of $100 million in revenue through both organic growth and M&A initiatives.”

The completion of any acquisitions planned by the Company is subject to a number of conditions, including the successful completion of due diligence and obtaining financing.

About Amerivest Group

Amerivest Group and its subsidiary, Amerivest Advisors LLC, is an M&A firm that provides exceptional transactional and financing expertise to lower middle market companies seeking divestitures, mergers, acquisitions, recapitalizations or growth capital through a variety of proven mechanisms. With a team of experienced deal makers, Amerivest offers a unique combination of sophisticated solutions and exceptional client service to an underserved segment of the market. The firm is comprised of seasoned professionals who have diverse experience in M&A, strategic planning, corporate development and corporate finance. Our team has served extensively as principals and intermediaries in structuring and closing transactions totaling more than $250 million. For more information about Amerivest, visit www.amerivestgroup.com.

About Smart for Life, Inc.

Smart for Life, Inc. (Nasdaq: SMFL) is a growing nutraceutical company dedicated to delivering innovative solutions that promote health and wellness. With a focus on research-based formulations and consumer-centric approaches, Smart for Life is dedicated to redefining the boundaries of nutritional science. The company develops, markets, manufactures, acquires, services and sells a broad range of nutritional products. As a publicly traded holding company, the company pursues a buy-and-build strategy with serial acquisitions to create a vertically integrated company. To drive growth and profits, Smart for Life develops proprietary and related products and acquires other profitable businesses spanning brands, manufacturing and distribution channels. The company recently completed a restructuring plan, including the recapitalization of the company through equity and debt financing, the sale of certain non-performing assets and the successful liquidation of the company’s legacy debt. Additionally, the company converted significant debt obligations into equity, significantly strengthening the company’s balance sheet. For more information about Smart for Life, visit: www.smartforlifecorp.com.

Forecast statements

This press release may contain information about our views on future expectations, plans and prospects, which constitute forward-looking statements. All forward-looking statements are based on management’s beliefs, assumptions and expectations regarding the future economic performance of Smart for Life, taking into account information currently available to it. These statements are not statements of historical fact. Although Smart for Life believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Smart for Life undertakes no obligation to update any statements contained herein (including any forward-looking statements), except as required by law. No assurance can be given that Smart for Life will successfully acquire its acquisition targets. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that could cause Smart for Life’s actual results, performance or financial condition to be materially different from expectations regarding future results, performance or financial condition. Actual results may differ materially from the expectations discussed in the forward-looking statements. Factors that could cause actual results to differ materially from expectations include general industry considerations, regulatory changes, changes in local or national economic conditions and other risks identified in the “Risk Factors” section of our filings with the Securities and Exchange Commission.

Reservation

The information in this press release is for general informational purposes only and is not intended to replace professional medical advice or treatment for specific medical conditions. Always seek the advice of your physician or other qualified healthcare provider with any questions you may have regarding a medical condition. This information is not intended to diagnose, treat, cure or prevent any disease.

Contact for investors

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Phone: (212) 671-1021
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