National refrigerated deli salads leaderReser's Fine Foods , Beaverton, Ore., said it received U.S. Bankruptcy Court approval to buy the assets and operations ofChef Solutions Inc.and its primary operating subsidiary, Orval Kent Food Company LLC. Terms were not disclosed.
Refrigerated & Frozen Foodsestimated Orval Kent's 2010 annual sales at approximately $250 million. The Wheeling, Ill.-based company processes refrigerated deli salads, side dishes and prepared fruit at plants in Wheeling, Ill.; Baxter Springs, Kan.; Delphos, Ohio; Vista and San Diego, Calif; and Linares, Mexico. The company has an affiliated distribution center in Hidalgo, Texas. It employs approximately 650 workers.
When they filed for bankruptcy in early October, Chef Solutions and Orval Kent filed reported assets and debt between $100 million and $500 million. At the time, court papers filed with the U.S. Bankruptcy Court in Wilmington, Del., showed that company officials had lined up to $38 million in proposed financing from Reser's and Wells Fargo & Co.'s (WFC) capital finance unit.
"Both companies are working diligently to ensure that Orval Kent customers experience a smooth transition as we integrate their operations," said Mark Reser, Reser's president and CEO. "We're confident that the increased breadth and depth of our combined North American product portfolio, product innovation and customer service will benefit all of our customers."
Reser's to buy Orval Kent deli salad biz
November 16, 2011