TARRYTOWN, N.Y., Sept. 10, 2024 (GLOBE NEWSWIRE) -- via IBN – Nightfood Holdings Inc. (“Nightfood”) (OTCQB: NGTF) is pleased to announce the closing of its strategic all-stock acquisition of SWC Group Inc., doing business as CarryoutSupplies.com (“CarryOut”). CarryOut is a leading wholesaler and distributor of custom takeout packaging for the foodservice industry, with traditional, biodegradable and compostable options.
This acquisition is a significant step in Nightfood’s growth and Nasdaq-uplist strategy, which was initially announced in November 2023. In the last seven months, under the leadership of new Chief Executive Officer Sonny Wang, Nightfood has successfully completed two all-stock acquisitions and brought in millions in revenue and assets.
Founded in 2004, CarryOut has served more than 7,000 food services accounts, specializing in providing packaging solutions such as ice cream cups, coffee cups, lids and utensils to small and medium-sized foodservice businesses including restaurants, cafes, ice cream parlors, tea houses and yogurt shops. Despite facing significant challenges during the COVID-19 pandemic, CarryOut rebounded in 2023 with $2 million in revenue and is projecting 20% growth in 2024.
Strategic Value and Synergies
The acquisition of CarryOut offers numerous strategic benefits to Nightfood, enhancing operational efficiencies, expanding its customer base and bolstering its product offerings. This integration allows for:
- Expanded Product Offerings: With CarryOut’s extensive packaging solutions now under the Nightfood umbrella, Nightfood can better serve existing customers and enter new markets by offering a comprehensive range of products across its subsidiaries.
- Synergistic Growth Opportunities: By aligning CarryOut’s network of small and medium-sized foodservice operators with Nightfood’s offerings, Nightfood anticipates new opportunities for cross-promotion, including the introduction of Nightfood's healthy snacks and service robotics solutions to restaurants, cafes and dessert shops.
- Operational Efficiencies: This acquisition will streamline back-office operations across Nightfood’s subsidiaries, including the consolidation of accounting services, shared legal resources, interchangeable staffing and a more unified management team. These synergies are expected to improve human and capital resource allocation, driving down overall costs.
Sonny Wang commented: “We are thrilled to announce the successful acquisition of CarryoutSupplies.com and excited for what we believe this acquisition will allow Nightfood to accomplish. This deal not only strengthens our position in the foodservice industry but also can drive immense value through operational efficiencies and the integration of complementary products and services across Nightfood’s subsidiaries. We look forward to working with the CarryOut team to exceed the heights it achieved pre-COVID, made possible by its recent growth.”
Looking Ahead
The closing of this all-stock acquisition marks a pivotal moment in Nightfood’s growth and Nasdaq-uplist strategy. We are confident that the combined strengths of the subsidiaries currently under Nightfood’s umbrella, as well as other companies we expect to acquire in the near future, will drive long-term success and create value for all stakeholders.
About Nightfood Holdings, Inc.
Nightfood Holdings Inc. (OTCQB: NGTF) is a forward-thinking holding company dedicated to identifying and capitalizing on explosive market trends within the hospitality, food services, consumer packaged goods and commercial real estate sectors. Our mission is to create unparalleled upside potential in industries ripe for innovation and growth by leading newly emerging categories and seizing opportunities in markets undergoing transformational upheaval.
We are at the forefront of introducing and deploying AI-enabled robotics products, revolutionizing operational efficiencies and customer experiences across our focus areas. Additionally, we are committed to developing and marketing wellness-focused consumer packaged goods, meeting the growing demand for healthier and functional options. Through these strategic initiatives, Nightfood endeavors to drive significant value and growth for our shareholders.
About Carryoutsupplies.com
SWC Group Inc., doing business as Carryoutsupplies.com, is a leading provider of disposable takeout packaging solutions serving the entire United States. The company specializes in custom traditional and eco-friendly custom printed packaging for small and medium-sized restaurants, dessert shops and other foodservice businesses.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could," "will," "potential," "should," "goal" and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Nightfood’s current expectations and speak only as of the date of this release. Actual results may differ materially from Nightfood’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including, but not limited to, pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, and risks associated with managing the growth of the business. Except as required by law, Nightfood does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about Nightfood and the risk factors that may affect the realization of forward-looking statements is set forth in Nightfood’s filings with the Securities and Exchange Commission (“SEC”). Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov.
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