Inventure Foods Signs Letter of Intent to Acquire Willamette Valley Fruit Co.'s Berry Business
Phoenix-based Inventure Foods, Inc. signed a non-binding letter of intent for the purchase of the berry processing business of Willamette Valley Fruit Co., 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 an average of 13 million pounds of fruit, including strawberries, raspberries, boysenberries, blueberries, a variety of blackberries, cranberries and Marionberries. The berry business 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.