US-based food company Inventure Foods has announced the strategic sale of Fresh Frozen Foods to Pictsweet , a family-owned grower and processor of frozen vegetables, for a cash transition of about $23.7 million.
According to a company statement, the sale of Fresh Frozen Foods is part of Inventure Foods’ strategy to reduce debt and improve its balance sheet and overall financial flexibility.
Terry McDaniel, chief executive officer of Inventure Foods, commented: “The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value”.
Inventure Foods is a marketer and manufacturer of food brands with plants in Arizona, Indiana, Washington and Oregon.
The Pictsweet Company grows vegetables in 31 states, distributing frozen vegetables products across the country.
Source: Inventure Foods