Mama's Creations (MAMA) 38th Annual Roth Conference summary

Growth and retail partnerships

• Focused on expanding in club and mass retail channels, with strong performance at Costco, Sam's Club, and BJ's, and recent entry into Walmart and Target.

• Achieved everyday item status at Costco Northeast after a successful MVM promotion, with potential for expansion to other regions.

• Walmart partnership expanded from one to nine items in a short period, with increasing sales velocities.

• Product portfolio is broad, appealing to a wide range of consumer preferences, supporting continued growth.

• Sees significant opportunity to increase SKUs per store, currently underpenetrated despite national presence.

Operational capacity and infrastructure

• Hired a COO with extensive logistics experience and doubled manufacturing footprint through a Sysco division acquisition.

• Current infrastructure can support doubling of revenue, aligning with a $1 billion revenue target.

• Emphasizes building a strong operational culture, with high employee tenure seen as a key differentiator.

M&A strategy and criteria

• Acquisition targets must be in the deli category, offer incremental customers, categories, or capabilities, and have their own manufacturing.

• Culture and employee tenure are critical factors in acquisition decisions.

• Prefers attractive valuations, with recent deals completed at low revenue multiples.

• No pressure to acquire; will only pursue deals that are highly attractive, otherwise will invest in internal growth.

• Larger acquisitions are often easier to integrate due to better structure.