CoolBrands to sell dairy ingredients division
September 01, 2006
by FoodBusinessNews.net Staff
TORONTO — CoolBrands International Inc.’s subsidiary, Eskimo Pie Corp., has entered into a definitive agreement to sell its Value America flavors and ingredients division to an unnamed buyer for a purchase price of $10 million. The sale is expected to close this month. Net proceeds from the sale will be used to repay a portion of CoolBrands’ borrowings.
Value America manufactures and sells a full line of flavors, chocolate coatings, fudge sauces, powders for chocolate milk, eggnog bases and other ingredients.
The sale is expected to close during September and net proceeds from the sale will be used to pay down CoolBrands’ debt.