UMB Capital Corporation, a small business investment company and subsidiary of UMB Bank, acquired approximately 4.05 million shares of Tattooed Chef.

This is the result of a business combination transaction between Forum Merger II Corporation, a special purpose acquisition entity, and the former parent company of Ittella International, resulting in the new public company. UMB Financial Corporation expects to gain approximately $42 million from an initial investment of $7 million.

UMB Capital Corporation had owned a 12.5% stake in Ittella since April 2019. It now owns approximately 7% of Tattooed Chef on a fully diluted basis.

“This is an exciting time for Tattooed Chef, Inc. and its shareholders as they begin this new chapter,” Andre Trudell, president of UMB Capital Corporation, said. “What began as a lending relationship between UMB and Sam Galletti and family has truly grown into a great partnership and success story. Working through the lifecycle of their company’s evolution has been a privilege. We look forward to investing and partnering with more businesses to help them reach their ultimate goals.”

As a result of UMB Capital Corporation’s ownership interest, it received approximately $9 million in cash along with the shares of Tattooed Chef at the closing of the transaction. Additionally, if the Tattooed Chef common stock achieves certain trading milestones during the three years following the closing, UMB Capital Corporation could receive up to an additional 625,000 shares of Tattooed Chef.

“Our relationship with UMB Capital has been important for our growth and success as a company,” Sam Galletti, chairman and CEO of Tattooed Chef, said. “With the support of UMB we have developed a unique and industry-altering food alternative. Now, with our transition to a public company we will have greater resources to fund the next stage or the advancement of the Tattooed Chef. We are pleased to have them continuing as an important stockholder in the company.”

“At UMB, we bring an entrepreneurial spirit to all we do, which is why being able to invest in companies in which we see great potential is all the more rewarding,” Mariner Kemper, chairman, president and CEO of UMB Financial Corporation, said. “The diversity of our business gives us the opportunity to strategically invest and help others grow their businesses while also meeting a variety of their financial services needs. This is an exciting time for our own more than 100-year-old startup to find new ways to grow our business while helping others reach their full potential.”