Inventure Foods, Inc., a leading specialty food marketer and manufacturer, today announced it has entered into a definitive asset purchase agreement for the sale of its frozen business to Oregon Potato Company for total cash consideration of $50.0 million
The deal includes the Rader Farms® and Willamette Valley Fruit Company™ brands as well as certain assets, rights and properties related to its frozen fruits, vegetable blends, beverages, and frozen desserts business.
This strategic transaction is expected to be completed in September 2017 and represents an important step in Inventure Foods’ ongoing strategic and financial review process to maximize shareholder value.
“We are pleased to enter into an agreement for the sale of our frozen business,” commented Terry McDaniel, Chief Executive Officer of Inventure Foods. “This is a significant second step under our strategic and financial business review. We intend to use the proceeds from the transaction to further reduce our debt and improve our overall financial flexibility in order to allow us to focus on continuing to grow our leading snack business as we finalize our strategic review.”
The proceeds from the transaction, net of transaction costs, will be used to repay in full the indebtedness under the Company’s revolving credit facility with Wells Fargo Bank, National Association and the other lenders, as well as to pay down indebtedness under its term loan facility with BSP Agency, LLC and the other lenders, as required under such credit facilities.
Frank Tiegs, President of Oregon Potato Company, commented, “We look forward to completing the acquisition of the Rader Farms and Willamette Valley Fruit brands and believe they will be a strong complement to our existing potato, vegetable and fruit business.”
There can be no assurance that the Company’s ongoing strategic and financial review will result in any specific action, or any assurance as to its outcome or timing. The Company does not intend to comment further regarding the strategic and financial review until the Board of Directors approves a specific action or concludes its review.
Source: Inventure Foods
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