US-based Inventure Foods has acquired all of the assets of Fresh Frozen Foods, a branded frozen vegetable processor, for about $38.4m.
Based in Jefferson, Georgia, Fresh Frozen is a processor and supplier of over 60 varieties of frozen vegetables and fruits to retailers across the southeast US and the Caribbean Islands. It reported gross revenues of over $60m during the most recent 12-month period.
Inventure inked a new $60m senior secured term loan and a $30m senior secured revolving credit line with a syndicate of lenders led by US Bank National Association, to finance the deal as well as repay two existing equipment term loans.
Inventure Foods CEO Terry McDaniel said, "Fresh Frozen is a perfect strategic fit in our healthy/natural portfolio, allowing us to not only diversify into frozen vegetables, but also to meet growing consumer demand for our frozen fruit products."
"Fresh Frozen along with our current brands strengthens our position in the "Better for You" section of the frozen food aisle," McDaniel added.
The company expects the transaction to be accretive to its earnings in 2014.
In September, Inventure signed a letter of intent to purchase assets of Fresh Frozen Foods.
McDaniel then said, "The unique location of Fresh Frozen's processing facility in Thomasville, Georgia will provide year-round freezing operations, which increases our geographic footprint. Additionally, both Fresh Frozen operations allow us to leverage our business and support future growth."
Inventure Foods is a marketer and manufacturer of specialty food brands with manufacturing facilities in Arizona, Indiana, Washington, Oregon and Georgia.
Image: Fresh Frozen supplies more than 60 varieties of frozen vegetables and fruits to retailers. Photo courtesy of Stoonn / FreeDigitalPhotos.net.
