IVFH announces Acquisition

Aug 27, 2012 by admin

Innovative Food Holdings, Inc. (OTCBB: IVFH), a marketer and purveyor of over 5,000 high quality gourmet food products throughout the United States to professional chefs and to the gourmet consumer market, announced that it has acquired Chicago based Artisan Specialty Foods Inc.

Artisan Specialty Foods is a leading supplier of niche gourmet food products in the Chicago area. In 2011, Artisan had estimated unaudited sales of over $5.6 million (this figure also includes sales from Artisan to Innovative Food Holdings and affiliates) and adjusted estimated EBITDA of approximately $360,000. Artisan Specialty Foods warehouses over 1,200 items and distributes products to over 450 customers, including some of the finest foodservice establishments in the Chicago area. In addition, Artisan Specialty Foods operates a bulk repacking facility at its warehouse in Chicago which it currently utilizes for select products. The CEO of Artisan Specialty Foods, David Vohaska, a highly regarded, gourmet industry leader, will join Innovative Food Holdings as Executive Vice President of Artisan Specialty Foods and continue operating Artisan as a wholly-owned subsidiary, reporting directly to senior management of Innovative Food Holdings. The transaction, which closed on May 18, is expected to be accretive to earnings immediately.