Pennsylvania-based food marketer and manufacturer Utz Quality Foods has announced the acquisition of troubled snack maker Inventure Foods for $165 million.
Inventure Foods, the owner of snack brand Boulder Canyon, had previously been attempting to tackle its substantial debt burden by offloading a number of business, including the sale of its frozen business to Oregon Potato Company in September.
The residual Inventure Foods business manufactures snacks including potato chips and popcorn, as well as a range of microwaveable ‘riced’ vegetable accompaniments such as riced cauliflower, riced carrot and riced sweet potato.
Commenting on the move, Inventure Foods CEO Terry McDaniel said: “This transaction is the result of diligent analysis and thoughtful strategic deliberations by our Board of Directors and the result of the strategic and financial review we initiated in July 2016. Our Board, with the advice of independent advisors, determined that this transaction will deliver immediate and certain cash value to our stockholders and new opportunities for our snack brands”.
Source: Utz Quality Foods (via Globe NewsWire)