- October 4, 2024
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Innovative Food Holdings Inc., a Bonita Springs national seller of gourmet specialty foods to professional chefs, has closed a deal to sell its consumer e-commerce business, igourmet.com, for $700,000.
The cash deal, according to a statement, includes $175,000 due in 30 days, plus the assumption of approximately $350,000 of gift card liabilities. The company’s Pennsylvania facility is not included in the transaction, the release adds, and the name of the buyer wasn't disclosed.
The cash for this sale, the company says, will be used to invest into a new retailer business as it “ramps up working capital and installs new automated machinery to cut, wrap and label our gourmet cheese at a fraction of the cost of our previous manual operation.”
The sale follows the company’s announcement late last year that it had made progress on five deals — involving both property and business units — expected to net the company at least $7 million. “With today’s announcement, we mark continued progress against our strategic stabilization plan of selling off assets that are not a fit for our larger scale, more profitable foodservice business, as first discussed in our November 2023 earnings call,” CEO Bill Bennet says.
Innovative Food Holdings had $72.21 million in revenue in 2023, down -9.26% from $78.9 million in 2022. The company is publicly traded over the counter (symbol: IVFH).