Inventure Foods, Inc., Phoenix, Ariz., announced plans to sell its frozen business, including the Rader Farms and Willamette Valley Fruit Co. brands, frozen fruits, vegetable blends, beverages and frozen desserts business to Oregon Potato Co., Pasco, Wash., for $50 million. This strategic transaction represents an important step in Inventure Foods' ongoing strategic and financial review process to maximize shareholder value.
"We are pleased to enter into an agreement for the sale of our frozen business," says Terry McDaniel, chief executive officer of Inventure Foods. "This is a significant second step under our strategic and financial business review. We intend to use the proceeds from the transaction to further reduce our debt and improve our overall financial flexibility in order to allow us to focus on continuing to grow our leading snack business as we finalize our strategic review."
"We look forward to completing the acquisition of the Rader Farms and Willamette Valley Fruit brands and believe they will be a strong complement to our existing potato, vegetable and fruit business," says Frank Tiegs, president of Oregon Potato Co.