Mexican food importer Nascent Foodservice has signed a letter of intent to sell Palermo Italian Foods.
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The Florida-based Italian food distribution company will be sold to a group of investors led by Palermo’s current president, Victor Petrone.
Petrone, who is also president and a director of Nascent, emphasised Palermo’s brand value, which he hopes to build upon.
“Palermo Italian Foods is an excellent brand, widely recognised for its high-quality Italian foods products and well-positioned within the Italian Foods marketplace. I look forward to leveraging my experience as President of Palermo Foods to continue to build the business and position Palermo Foods for future growth,” Petrone said.
Palermo imports and distributes Italian food to the US, primarily serving southern Florida.
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By GlobalDataSandro Piancone, Nascent CEO, said that the move would allow Nascent to focus on core activities.
“The sale of the Palermo Italian Foods improves the company’s financial position and enables us to focus and streamline the organization on our higher margin businesses,” he said.
The financial details of the transaction were undisclosed.
