Inventure Foods sells frozen division to Oregon Potato Company

Inventure Foods, Inc, an American specialty food marketer and manufacturer, has announced it has entered into a definitive asset purchase agreement for the sale of its frozen business to Oregon Potato Company, for total cash consideration of USD50m. This strategic transaction is expected to be completed this month. Terry McDaniel, CEO of Inventure Foods, says “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.” Frank Tiegs, President of Oregon Potato Company, commented: “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.” (Source: Potato Business)