Inventure Foods to offload Fresh Frozen Foods to Pictsweet
Inventure Foods has agreed to divest Fresh Frozen Foods to The Pictsweet Company for nearly $23.7m in an all-cash deal.
The strategic sale by Inventure Foods was announced during an ongoing company review process aimed at improving shareholder value.
Fresh Frozen Foods, which is a Jefferson, Georgia-based branded frozen vegetable processor, was acquired by Inventure Foods for $38.4m in November 2013.
Pictsweet is a full-service grower, processor and marketer of frozen vegetables. Founded in Bells, Tennessee more than 70 years ago, the family-owned company cultivates vegetables across 31 states.
Pictsweet’s frozen vegetable offerings are sold nationwide in the US under the The Pictsweet Farms brand.
Inventure Foods CEO Terry McDaniel said: "The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value.
"The proceeds from the sale of Fresh Frozen Foods will help us reduce our debt, improve our balance sheet and our overall financial flexibility. We continue to focus on delivering an improved financial performance through further execution of our strategic initiatives across the frozen and snack segments."
The Phoneix, Arizona-based Inventure Foods manufactures specialty food brands in the better-for-you and indulgent sectors. Some of its brands include Boulder Canyon Foods, Jamba, Rader Farms, TGI Fridays, Poore Brothers, Nathan's Famous, Vidalia Brands, Sin In A Tin, Seattle's Best Coffee, Tato Skins, Bob's Texas Style, and Willamette Valley Fruit Company.
Inventure Foods has manufacturing plants across Arizona, Indiana, Georgia, Washington, and Oregon.
Image: Inventure will sell frozen vegetable processor Fresh Frozen Foods. Photo: courtesy of KEKO64/Freedigitalphotos.net.