Inventure completes Fresh Frozen acquisition

Inventure Foods Inc (Nasdaq: SNAK) has completed the acquisition of substantially all of the assets of Fresh Frozen Foods LLC, a branded frozen vegetable processor, effective November 8, 2013.
The purchase price was $38.375 million plus deferred compensation in the form of an earn-out of up to $3.0 million based on 2014 performance. Fresh Frozen reported 15% average annual revenue growth over the past three years, with gross revenues of more than $60.0 million during the most recent 12-month period.
This acquisition will allow both companies to leverage each other’s sales organizations, distribution channels, and products. Inventure will now have year-round freezing operations and be able to freeze blueberries and other fruits in a new region of the nation.
With manufacturing facilities in Arizona, Indiana, Washington, Oregon, and Georgia, Inventure is a marketer and manufacturer of specialty food brands. For further information, go to visit www.inventurefoods.com.
Founded as a family-owned-and-operated business in Jefferson GA in 1975, Fresh Frozen is a full-service processor and supplier of more than 60 varieties of vegetables and fruits to retail outlets throughout the southeastern United States and the Caribbean islands. In addition to a bulk packaging facility in Jefferson, the business has a processing facility in Thomasville GA. Access www.freshfrozenfoods.com for more information.