Food distributor makes acquisition

BONITA SPRINGS — Innovative Food Holdings acquired Organic Food Brokers, a company based in Colorado that specializes in launching and growing retail sales for small organic and specialty food brands nationwide.

Terms of the deal included $100,000 in cash, a performance-based payment of $225,000, and seller financing in the form of a $200,000 note convertible to stock and options to buy stock. Innovative Food Holdings is publicly traded (symbol: IVFH; recent price: $1.29).

Organic Food Brokers generated approximately $550,000 in revenues in 2013 and is expected to be immediately accretive to earnings, according to a statement by Innovative Food Holdings. Organic Food Brokers will operate as a wholly owned subsidiary of Innovative Food Holdings.