PASCO, WASH. – The Oregon Potato Co., a grower and processor of potatoes, fruit and vegetables, is acquiring the frozen food assets of Inventure Foods, Inc. for $50 million. In the transaction Oregon Potato will receive the Rader Farms and Willamette Valley Fruit Co. brands.
The divestment of the frozen foods business is a part of a strategic review undertaken by Inventure Foods to improve the company’s financial performance. The transaction is expected to close by the end of September.
“We look forward to completing the acquisition of the Rader Farms and Willamette Valley Fruit brands and believe they will be a strong complement to our existing potato, vegetable and fruit business,” said Frank Tiegs, president of Oregon Potato Co.
Inventure Foods said the proceeds of the sale will be used to pay down debt to the company’s lenders.
|Terry McDaniel, c.e.o. of Inventure Foods|
“We are pleased to enter into an agreement for the sale of our frozen business,” said Terry McDaniel, chief executive officer of Inventure Foods. “This is a significant second step under our strategic and financial business review. We intend to use the proceeds from the transaction to further reduce our debt and improve our overall financial flexibility in order to allow us to focus on continuing to grow our leading snack business as we finalize our strategic review.”Earlier in the year Inventure Foods sold its fresh frozen foods business to The Pictsweet Co., a grower and processor of fruits and vegetables, for $23.7 million.