Innovative Food: Acquisition of Golden Organics Completed

Innovative Food Holdings, Inc. (IVFH), a national seller of gourmet specialty foods targeting professional chefs, has announced the successful acquisition of Golden Organics, Inc., a Denver-based specialty food distributor. The transaction was finalized at a sum of $1.58 million, adjusting for working capital, with a payment structure that includes $1.23 million in cash and a $350,000 seller's note payable over five years at a 6% interest rate. IVFH benefits from the acquisition through an expanded portfolio of over 800 certified organic products, enhanced sourcing capability owing to Golden Organics' extensive international relationships, and a strong presence in the Denver region with access to more than 200 new accounts. The assets acquired include inventory worth approximately $1.23 million and property, plant, and equipment valued at around $130,000. Golden Organics has shown significant growth with a compound annual growth rate of 22% since 2018 and trailing-twelve-month revenues of $6.8 million. Bill Bennett, CEO of IVFH, emphasized the alignment of this acquisition with the company's strategic vision to drive profitable growth through operational excellence and strategic investments.