PHOENIX, April 25, 2013 /PRNewswire/ -- Inventure
Foods, Inc. (Nasdaq: SNAK), a leading specialty food marketer and
manufacturer, today announced that it has signed a non-binding
letter of intent for the purchase of the berry processing business
of Willamette Valley Fruit Company, LLC (WVFC), including building
and ground leases. Terms were not disclosed, as the
transaction remains subject to completion of due diligence,
agreement on a definitive purchase agreement, and other customary
closing conditions.
WVFC began in 1999 as a small frozen processing operation and
has since become one of the Pacific Northwest's leading processors
of high-quality berry products. Each summer WVFC processes,
on average, 13 million pounds of fruit, including strawberries,
raspberries, boysenberries, blueberries, a variety of blackberries,
cranberries and the local favorite, Marionberries.
The business contemplated for acquisition has annualized
revenues of approximately $15
million. Consummation of the transaction is currently
targeted for Inventure's second fiscal quarter. If
consummated, Inventure expects the transaction to be immediately
accretive to earnings.
"We have had a long-standing vendor relationship with Inventure
Foods and recently expanded our berry processing business," said
Dave Dunn, General Manager of
Willamette Valley Fruit Company. "The present owners believe
this is a great opportunity as berry growers and also for the other
berry growers in Oregon. Inventure Foods is a significant
purchaser of berries, and the contemplated acquisition should help
stabilize the local berry industry and provide growth opportunities
for local farming operations."
"We have partnered with Willamette Valley Fruit Company through
the years to meet our growing demand for fruit and look forward to
combining their berry processing capabilities with ours," said
Terry McDaniel Chief Executive
Officer of Inventure Foods, Inc. "This acquisition will help
us meet the growing consumer demand for berries nationwide, while
also affording us the opportunity to work more closely with the
local farmers of the area. In addition to closer ties with
the Oregon berry community, we
also anticipate this transaction to bring additional operational
synergies."
About Inventure Foods, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, Inventure Foods, Inc. (Nasdaq:
SNAK) is a marketer and manufacturer of specialty food brands in
better-for-you and indulgent categories under a variety of Company
owned and licensed brand names, including Boulder Canyon Natural
Foods®, Jamba®, Seattle's Best
Coffee®, Rader Farms®, T.G.I.
Friday's®, Nathan's Famous®, Vidalia Brands®, Poore
Brothers®, Tato Skins® and Bob's Texas Style®. For further
information about Inventure Foods, please visit
www.inventurefoods.com.
About Willamette Valley Fruit Company
Willamette Valley Fruit Company, LLC was started in 1999 by the
Gerald Roth family, which has been
growing berries locally in Salem,
Oregon for three generations. What began in 1999 as a
small frozen processing operation has quickly turned into WVFC
being one of the Pacific Northwest's leading processors of
high-quality berry products. WVFC is a family-owned business,
not a cooperative, but works closely with 20-30 local growers each
year in order to supply each market. Though the majority of
the fruit is flash-frozen (IQF), the Company also makes purees,
straight-pack products and drum stock.
Statements contained in this press release that are not
historical facts are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Because such statements include risks and uncertainties, actual
results may differ materially from those expressed or implied by
such forward-looking statements. Factors that may cause actual
results to differ from the forward-looking statements contained in
this press release and that may affect the Company's prospects in
general include, but are not limited to, general economic
conditions, increases in cost or availability of ingredients,
packaging, energy and employees, price competition and industry
consolidation, ability to execute strategic initiatives, product
recalls or safety concerns, disruptions of supply chain or
information technology systems, customer acceptance of new products
and changes in consumer preferences, food industry and regulatory
factors, interest rate risks, dependence upon major customers,
dependence upon existing and future license agreements, the
possibility that we will need additional financing due to future
operating losses or in order to implement the Company's business
strategy, acquisition and divestiture-related risks, the volatility
of the market price of the Company's common stock, and such other
factors as are described in the Company's filings with the
Securities and Exchange Commission.
SOURCE Inventure Foods, Inc.