On Thursday, Phoenix-based Inventure Foods Inc. announced the sale of of Fresh Frozen Foods to The Pictsweet Company, a family-owned grower and processor of frozen vegetables. The deal is for $23.7 million in cash. Inventure Foods CEO Terry McDaniel said proceeds from the sale will go to reduce debt and to improve overall financial health.
Inventure acquired Fresh Frozen Foods in November 2013 for $38.4 million, plus other terms.
Inventure Foods markets and manufactures specialty food brands under licensed names including Seattle's Best Coffee, TGI Fridays, Nathan's Famous and Tato Skins, among others.
It operates in two segments: snack products and frozen products. The frozen products segment produces frozen fruits, vegetables, beverages and deserts primarily for grocers. The company has manufacturing facilities in Arizona, Indiana, Washington and Oregon.
The Pictsweet Company grows, processes and markets frozen vegetables in 31 states and distributes nationwide and headquartered in Tennessee.
