Inventure Sells Fresh Frozen Foods to Pictsweet Company
Inventure Foods, Inc. has sold its Fresh Frozen Foods unit to The Pictsweet Company, a family-owned grower and processor of frozen vegetables, for approximately $23.7 million. The transaction is “an important step” in the Phoenix, Arizona, USA-based seller’s ongoing strategic and financial review process to increase shareholder value, according to the company.
“The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value,” said Terry McDaniel, chief executive officer of Inventure Foods. “The proceeds 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.”
With operations in Jefferson and Thomasville, Georgia, Fresh Frozen Foods ships branded frozen vegetables, fruits and biscuits to retail markets, foodservice distributors and industrial customers throughout the United States. Its vegetable offerings range from beans and broccoli to peas, collard and mustard greens, turnips, okra and numerous blends.
About Inventure Foods
With production facilities in Arizona, Indiana, Washington and Oregon, Inventure Foods is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of company-owned and licensed brand names, including Boulder Canyon Foods, Jamba, Rader Farms, TGI Fridays, Nathan's Famous, Vidalia Brands, Poore Brothers, Tato Skins, Willamette Valley Fruit Company and Bob's Texas Style.
Pictsweet is a full service grower, processor and marketer of frozen vegetables. Founded more than 70 years ago in Bells, Tennessee, the company currently produces vegetables in 31 states and has processing operations in Tennessee, Delaware, Texas, Utah and California. It distributes frozen vegetable products nationwide under the Pictsweet Farms brand.