NAPLES, Fla., May 21, 2012 /PRNewswire/ -- 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.
Sam Klepfish, CEO of Innovative Food Holdings, noted, "We intend to operate Artisan Foods as a wholly owned subsidiary which will allow it to continue to focus on its growing business while at the same time allowing Artisan to benefit from Innovative Food Holdings' centralized financial controls and operational expertise. We are particularly pleased that in addition to the long term benefits we believe Artisan Specialty Foods brings to Innovative Food Holdings, this transaction is expected to bring immediate financial benefits to Innovative Food Holdings' bottom line from both Artisan's additional sales and overall gross margin contributions."
Justin Wiernasz, President of the Company, added, "We have known David and Artisan Specialty Foods for a long time and we are excited about the opportunity to benefit from the expected synergies, such as centralized geographic location, repacking operations and expanded procurement expertise that Artisan Specialty Foods offers. A key factor in our decision to acquire Artisan is our plan to leverage Artisan's existing product lines to expand Innovative Food Holdings' capabilities and offerings to a variety of new customers, products and new product areas. As a result, we believe that this acquisition provides Innovative Food Holdings with near term opportunities in several key specialty food market areas."
David Vohaska, founder and former CEO of Artisan Specialty Foods, said, "I am excited to be part of the Innovative Food Holdings family of companies. Having worked with Innovative Holdings over the last several years I believe that this acquisition will allow Artisan Specialty Foods to fully reach its potential. I look forward to working together with Innovative Food Holding's management and bringing my expertise and industry relationships to help further grow sales for the Company."
About Innovative Food Holdings
Innovative Food Holdings, Inc., through its wholly owned subsidiaries, is in the business of marketing and selling high quality gourmet food.
About Food Innovations
Food Innovations, Inc., in partnership with one of the largest foodservice distributors in the United States, provides over 5,000 of the highest quality gourmet food products to professional chefs throughout the United States. To learn more, visit the Food Innovations website at www.foodinno.com. Food Innovations is a wholly owned subsidiary of Innovative Food Holdings, Inc.
About For The Gourmet, Inc.
Through its website, and through additional sales channels, For The Gourmet, Inc. provides the highest quality gourmet food products to the retail consumer market under the For The Gourmet line at www.forthegourmet.com. To learn more visit the For The Gourmet website at http://www.forthegourmet.com/. For The Gourmet, Inc. is a wholly owned subsidiary of Innovative Food Holdings, Inc.
About Artisan Specialty Foods, Inc.
Artisan Specialty Foods, Inc. is a Chicago based gourmet foodservice distributer with repacking capabilities. Artisan sells and warehouses over 1200 products and distributes to over 450 customers which include some of the finest foodservice establishments in the Chicago area. Artisan Specialty Foods, Inc. is a wholly owned subsidiary of Innovative Food Holdings.
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the "Company") that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "should," "could," "anticipate," "believe," "intend," "plan," "might," "potentially, "expect" or words of similar import. The Company does not intend to update these forward-looking statements.
Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc.
SOURCE Innovative Food Holdings, Inc.