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March 23, 2017

Inventure Foods sells Fresh Frozen Foods unit to Pictsweet

Inventure Foods has offloaded its Fresh Frozen Foods arm to fellow US vegetable supplier The Pictsweet Company.

By Dean Best

Inventure Foods has offloaded its Fresh Frozen Foods arm to fellow US vegetable supplier The Pictsweet Company.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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The deal, struck for around US$23.7m, comes eight months after Inventure, which has operations across the frozen food and savoury snacks sectors, announced it was reviewing its operations, a move it said could lead to the disposal of assets or a sale of the whole business.

“The sale of Fresh Frozen Foods represents a significant milestone in our efforts to enhance shareholder value,” Inventure CEO Terry McDaniel said. “The proceeds from the sale of Fresh Frozen Foods will help us reduce our debt, improve our balance sheet and our overall financial flexibility. We continue to focus on delivering an improved financial performance through further execution of our strategic initiatives across the frozen and snack segments.”

Inventure’s strategic review is ongoing. The company said it did not plan to comment further on the review until its board approves more action or brings the re-evaluation of its operations to a close.

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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