Inventure Foods sells Fresh Frozen Foods to The Pictsweet Company
Speciality food manufacturer and marketer Inventure Foods has sold its Fresh Frozen Foods to US-based frozen vegetable distributor The Pictsweet Company for approximately $23.7m.
The company explained that the sale was part of its ongoing strategic and financial review process to increase shareholder value.
Inventure Foods chief executive officer Terry McDaniel said: “The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value.
“The proceeds from the sale of Fresh Frozen Foods will help us reduce our debt, improve our balance sheet and our overall financial flexibility.
“We continue to focus on delivering an improved financial performance through further execution of our strategic initiatives across the frozen and snack segments.
“I would like to thank the excellent Fresh Frozen associates for all of their efforts and wish them much success in the future.”
Inventure Foods has been marketing and manufacturing speciality food under a variety of company-owned and licensed brand names.
It has its manufacturing facilities in Arizona, Indiana, Washington and Oregon.
The Pictsweet Company distributes frozen vegetable products nationwide under The Pictsweet Farms brand and has operations spread across Tennessee, Delaware, Texas, Utah, and California.