The $38.4m price tag includes all the assets of Fresh Frozen Foods LLC, a processor of branded frozen vegetables and fruits. The acquired firm reportedly raked in gross revenues of more than $60m over the last years.
Fresh Frozen supplies more than 60 varieties of frozen fruits and vegetables to retailers. According to Inventure Foods representatives, the sale will allow the united firms to optimize their combined arsenal of sales staff, distribution channels and products.
The acquisition gives Inventure Foods access to year-round freezing operations. Additionally, the acquisition will provide the company the ability to freeze blueberries and other fruits in an new region of the US.
According to Terry McDaniel, CEO of Inventure Foods, the purchase of Georgia-based Fresh Frozen fits well with the company’s goal to broaden its portfolio of natural items.
“Fresh Frozen along with our current brands strengthens our position in the ‘Better for You’ section of the frozen food aisle," he said.