Imperial Frozen Foods acquires Greystone Foods
Imperial Frozen Foods has acquired US-based branded and private label frozen vegetable manufacturer Greystone Foods.
Financial details of the transaction have not been disclosed.
Greystone produces 30 kinds of individually quick-frozen (IQF) vegetables, which are sold in 2,000 supermarkets across the US.
This strategic asset purchase will enhance Imperial's capabilities and product offerings.
Greystone packages its vegetables in clear bags to assure consumers of its quality.
As the bags are thicker than usual, they prevent products from getting crystallised during transition through the full supply chain.
In addition to private labels, Greystone sells its products under the Today's Harvest label at grocery stores across the southeastern region of the US.
Imperial Frozen Foods sales vice-president Alex McIntosh said: "We feel Greystone is a strong strategic fit with our go to market strategy, which will now allow Imperial to offer a one-stop-shop for IQF fruit and vegetables with both branded and private label solutions.
"Combining private label with Sunkist Frozen Fruit and Today's Harvest Vegetables on the same truck can generate significant freight efficiencies for our customers."
Advantage Capital provided finance for the latest deal while Levenfeld Pearlstein represented Kenex as legal counsel, and RSM offered advisory services on the transaction.