IVFH Sells igourmet.com, Aims at Profitable Foodservice

Author: Caleb Price Updated: 08-08-2024 08:13 PM

Sale of igourmet.com

Innovative Food Holdings, Inc. (OTCQB: IVFH) said it sold its consumer e-commerce company, igourmet.com, for $700,000. Expected to close within the next thirty days, this deal is a calculated action for the Company. The sale is in line with IVFH's objective to simplify processes and concentrate on its main foodservice sector. Through divestment of igourmet.com, the Company hopes to better allocate funds and assist areas of profitable development. This choice shows IVFH's will to improve its corporate model and guarantee long-term stability. The fact that the Company's Pennsylvania plant is not included in the transaction suggests its ongoing significance for IVFH's activities. Erben M&A Advisors and Sampford Advisors, Inc. were sell-side advisers on the deal.

Transaction Details

For IVFH, agreeing to sell igourmet.com for $700,000 represents a major step. The deal is supposed to close in thirty days. This action is part of the larger plan of the Company to improve operational performance.

Exclusions from Sale

The Pennsylvania facility is not included on the igourmet.com sale. For IVFH, this facility is still quite valuable. Its absence emphasizes its significance to the future strategies of the Company.

Strategic Stabilization Plan

IVFH's strategic stabilization plan revolves mostly on the sale of igourmet.com. CEO Bill Bennett underlined this strategy in a recent speech. The strategy calls for concentrating on the profitable foodservice company while selling off underproductive assets. Originally covered on the November 2023 earnings call was this approach. The sales will help the Company's M&A plan and initiatives for new development. Bennett underlined that this action is a component of a larger strategy aiming at stabilizing and expanding the company. Improving the core profitable professional chef business is the main objective.

CEO's Statement

CEO Bill Bennett underlined the match of the sale with the strategic agenda. The emphasis is on freeing unproductive assets and improving profitable areas. The November 2023 earnings call first included an outline of this plan.

Use of Sale Proceeds

IVFH's M&A plan will be supported by the igourmet.com sale proceeds. New development projects inside the foodservice company will also benefit from these monies. This strategy seeks to fortify the main business and propel long-term expansion.

About Innovative Food Holdings, Inc.

Meal specializing is the focus of Innovative Food Holdings, Inc. (IVFH). Often leading front-edge food trends or with interesting narratives, the Company offers access to rare and hard-to-find foods. IVFH links national top professional chefs with hand-made food producers. The Company provides tech-enabled tools to support chefs and creates a first-rate gastronomic experience. This method enables cooks to produce dishes for their patrons that will be unforgettable. The goal of IVFH is to improve the dining experience by means of premium, distinctive cuisine. Their website offers more details on the company.

Company Mission

IVFH's goal is to provide unusual foods to make meals memorable. Many times, these foods trendsetters or have interesting histories. By means of these premium products, the Company seeks to improve the dining experience.

Professional Chef Focus

IVFH links national top chefs with hand-crafted food producers. The company offers tech-enabled tools and designs a distinctive range of products. This enables chefs to provide their patrons outstanding dining experiences.

Additional information is available at https://www.ivfh.com/.

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