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NAPLES — Specialty foods distributor Innovative Food Holdings says it has acquired The Haley Group, an organization that provides senior management for small food companies. Terms of the deal were not disclosed.
Innovative Food Holdings is helping its food suppliers and others grow their business with management help. A recent Business Observer story highlighted the company's strategy.
Innovative Food (symbol: IVFH; recent price: 22 cents) provides specialty foods such as sashimi-grade tuna and heirloom tomatoes to 30,000 restaurant chefs around the country.
As part of the deal, veteran food-service executive Lou Haley, the CEO and founder of The Haley Group, will join Innovative Food as senior vice president of The Haley Group, now a subsidiary of Innovative Food.
Haley generates revenues through monthly recurring revenues as well as through percentages of future sales of client company products. Currently, Haley has a pipeline of new products, many of which are expected to launch in the second half of 2013 and the first half of 2014. Because of this, Haley is expected to contribute to Innovative Food's net income beginning in the middle of 2013, the company says in a statement.
In a recent filing, the company says it plans to move its corporate headquarters from Naples to Bonita Springs, where it has acquired a 10,000-square-foot office and warehouse building.
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