Inventure Foods sells frozen division to Oregon Potato for $50 million
Inventure Foods, a specialty food marketer and manufacturer, has entered into a definitive asset purchase agreement for the sale of its frozen business including 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 to Oregon Potato, for total cash consideration of $50 million.
Inventure Foods, a specialty food marketer and manufacturer, has entered into a definitive asset purchase agreement for the sale of its frozen business including 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 to Oregon Potato, for total cash consideration of $50 million. 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,” said Terry McDaniel, CEO 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.”