Fresh Harvest Products, Inc., New York, N.Y., said it acquired AC LaRocco Pizza Co., a frozen organic and natural foods processor in Spokane, Wash. Terms of the deal were not disclosed.
"The completion of this acquisition represents a significant step for Fresh Harvest in our strategy to accelerate growth in our business," said CEO Michael Friedman. "Today, we significantly increased the depth and breadth of our products, sales and distribution across the nation into retailers such as Kroger (certain divisions), H-E-B, Albertsons (certain regions) and further enhances our foothold with the largest natural food retailer in the US.
"The addition of AC LaRocco will complement the sound internal growth that our Wings of Nature brand is achieving," he said. "This transaction will add approximately $1.5 million in sales to our annual volume and should lead to increased efficiencies. We expect to benefit from an expanded customer base, as well as establishing our presence in the West and Midwest."
Friedman continued: "We are now squarely focused on quickly seizing the attractive opportunities this transaction has created for us to increase top-line growth as well as achieving significant cost synergies in general and administrative expenses. With the acquisition now complete, Fresh Harvest is a stronger, more broadly based company than ever before, with increased capacity to reach new customers and the ability to provide current customers with enhanced products. We are looking forward to delivering on the promise of this acquisition and to building value for our shareholders."
Fresh Harvest Products markets organic snacks and beverages, which include health bars, coffee bars under the Wings of Nature name, beverages under the TeAloe name, and frozen pizza and food products under the AC LaRocco name. In addition, Fresh Harvest provides a grocery product line, which includes several varieties of whole bean and ground coffees, and beverages.
Fresh Harvest buys frozen organic pizza firm
March 3, 2010