US firm Inventure Foods completes sale of frozen food business
US firm Inventure Foods has completed the $50m sale of its frozen business, including the Rader Farms and Willamette Valley Fruit Company brands Oregon Potato Company (OPC).
The deal also comprises certain assets, rights and properties related to its frozen fruits, vegetable blends, beverages, and frozen desserts business.
OPC is an innovative grower and processor of potatoes, vegetables and fruits. It has three processing plants in Washington, Oregon and Idaho, US.
The amount will be used by the company to repay bank debts and the loan taken from lenders and other financial organisations.
Inventure Foods chief executive officer Terry McDaniel said: “We are pleased to complete the sale of our frozen business, which represents a significant second step under our strategic and financial business review.
“Going forward, our management team and board of directors remain committed to the company’s ongoing strategic and financial review to maximise shareholder value.”
For this transaction, Rothschild and DLA Piper (US) respectfully acted as the financial adviser and legal adviser for Inventure Foods.
Inventure Foods produces and markets speciality food brands in better-for-you and indulgent categories under a variety of company-owned and licensed brand names that include Boulder Canyon Foods, TGI Fridays, Nathan's Famous, Vidalia Brands, Poore Brothers, and Tato Skins, and Bob's Texas Style.
It operates two manufacturing facilities in Arizona and Indiana, US.