Inventure Foods, Inc. (NASDAQ:SNAK) ("Inventure Foods" or the "Company"), a leading specialty food marketer and manufacturer, today announced it has completed the sale of its frozen business including the Rader Farms® and Willamette Valley Fruit Company™ brands as well as certain assets, rights and properties related to its frozen fruits, vegetable blends, beverages, and frozen desserts business to Oregon Potato Company, for total cash consideration of $50.0 million, adjusted for estimated net working capital as of September 22, 2017 and reduced for transaction costs.
The proceeds from the transaction were used to repay in full the indebtedness under the Company's revolving credit facility with Wells Fargo Bank, National Association and the other lenders, as well as to pay down indebtedness under its term loan credit facility with BSP Agency, LLC and the other lenders, as required under such credit facilities.
Terry McDaniel, Chief Executive Officer of Inventure Foods:
"We are pleased to complete the sale of our frozen business, which represents a significant second step under our strategic and financial business review.”
“Going forward, our management team and Board of Directors remain committed to the Company's ongoing strategic and financial review to maximize shareholder value."