Inventure Foods announced the completion on May 28 of an acquisition of the berry processing business of Willamette Valley Fruit Company, LLC, a family owned business located in Salem, Oregon. The purchased assets include the berry processing equipment assets, long term building and ground leases (including additional improvements currently being installed), and other intellectual property and inventory rights. As consideration for the acquisition, Inventure assumed certain liabilities relating to existing business contracts arising after the closing date and paid an aggregate amount of $9.5M in cash, a portion of which is being held back to secure post-closing purchase price adjustments and indemnity claims. An additional amount of up to $3M is payable as contingent consideration in the form of an earn-out if certain performance threshold are met during the period of up to 7 years following the closing.
- Mergers, Acquisitions & Takeovers
- family owned business