PHOENIX — Inventure Foods, Inc. has signed a letter of intent to acquire Fresh Frozen Foods, L.L.C., a Jefferson, Ga.-based frozen vegetable processor, for $38 million, plus deferred consideration of up to $3 million based on 2014 performance. The transaction, pending customary closing conditions, is expected to close in November and will be immediately accretive to earnings.

Reporting gross revenues of more than $60 million over the past year, Fresh Frozen processes and supplies more than 60 varieties of frozen vegetables and fruits to retail outlets through the southeast United States and Caribbean islands.

“This acquisition allows Inventure to add uniquely positioned frozen vegetables to our healthy/natural portfolio for the first time, while also expanding our I.Q.F. processing capabilities for fruits and vegetables in a new geographic region,” said Terry McDaniel, chief executive officer of Inventure Foods. “Fresh Frozen has reported 15% average annual revenue growth over the last 3 years. Frozen vegetables are a $4.6 billion category and the company continues to perform well in the category with a year-over-year increase of over 15% for the last 12 weeks, according to recent I.R.I. data. The unique location of Fresh Frozen’s processing facility in Thomasville, Ga., will provide year-round freezing operations, which increases our geographic footprint.  Additionally, both Fresh Frozen operations allow us to leverage our business and support future growth.”