Innovative Food Holdings acquires Artisan Specialty Foods

Published: 2012-05-24 Origin: FBR

Core Tip: Innovative Food Holdings has acquired Chicago-based Artisan Specialty Foods, a leading supplier of niche gourmet food products in the Chicago area.

Artisan Specialty Foods warehouses over 1,200 items and distributes products to over 450 customers. In addition, it operates a bulk repacking facility at its warehouse in Chicago. It had estimated sales of over $5.6m and adjusted estimated EBITDA of approximately $360,000.

The CEO of Artisan Specialty Foods, David Vohaska, will be joining Innovative Food Holdings as executive vice president of Artisan Specialty Foods. Artisan will operate as a wholly-owned subsidiary of Innovative Food Holdings.

The transaction, which closed on 18 May, is expected to be accretive to earnings immediately.

Innovative Food Holdings is a marketer of gourmet food products to professional chefs and to the gourmet consumer market across the US.

keywords: Innovative Food Holdings Artisan Specialty Foods