US-based Inventure Foods has signed a letter of intent to purchase all of the assets of Fresh Frozen Foods, a branded frozen vegetable processor, for $38m.
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.
The deal is subject to completion of due diligence; agreement on a definitive purchase agreement and other customary closing conditions, with definitive documents, are expected to be signed and closed on or before 1 November 2013.
Fresh Frozen president Bill Griffin said, "Fresh Frozen has established a very strong market position in the Southeast. Inventure is well positioned to help us meet growing demand, increase our footprint into more doors beyond the region, and expand our product offerings to existing retail markets, food service distributors, and industrial customers."
Inventure Foods CEO Terry McDaniel said, "This acquisition allows Inventure to add uniquely positioned frozen vegetables to our healthy/natural portfolio for the first time, while also expanding our IQF processing capabilities for fruits and vegetables in a new geographic region."
"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," McDaniel added.
