Inventure Foods Inc (Nasdaq: SNAK) has signed a letter of intent to purchase substantially all of the assets of Fresh Frozen Foods LLC, a branded frozen vegetable processor.
Based in Jefferson GA, Fresh Frozen is a full-service processor and supplier of more than 60 varieties of frozen vegetables and fruits to retail outlets throughout the southeastern United States and the Caribbean Islands. Fresh Frozen reported gross revenues of more than $60 million during the most recent 12-month period.
The letter of intent contemplates a purchase price of $38 million at closing, plus deferred consideration in the form of an earn-out of up to $3 million based on 2014 performance, subject to certain closing and post-closing purchase price adjustments. This transaction remains subject to completion of due diligence, agreement on a definitive purchase agreement and other customary closing conditions. The parties anticipate that definitive documents will be signed and closed on or about November 1, 2013.
With manufacturing facilities in Arizona, Indiana, Washington, and Oregon, Inventure Foods markets and manufactures specialty food brands. For further information, visit www.inventurefoods.com.
Besides a bulk packaging facility in Jefferson, Fresh Frozen has a processing facility in Thomasville GA. For more details, access www.freshfrozenfoods.com.