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.