Pacific Ventures signs LoI to acquire Californian food production firm

US-based investment group Pacific Ventures has signed a non-binding Letter of Intent (LoI) to acquire an undisclosed frozen food distribution company, which is located in Southern California.

Financial details of the deal were not disclosed.

Pacific Ventures started its due diligence process earlier this year and expects to sign a definitive asset purchase agreement by 15 July after both parties complete their legal review.

With more than $30m in annual revenues, the company serves customers in the state of California and other nearby states.

The acquisition is expected to complement Pacific Ventures’ existing food distribution business, which is operated by San Diego Farmers Outlet.

It will also enable Pacific Ventures to further expand its products range and services, as well as expand its network of retail and institutional accounts.

Based in Los Angles, Pacific Ventures Group is a food and beverage holding company, which focuses on the distribution of consumer food, beverage and alcoholic products.

Last August, the company signed an LoI to acquire a food distribution company located on the East coast of the US for an undisclosed sum.

As part of the deal, Pacific Ventures Group, through its affiliates, owned all of the rights and licenses to sell the alcohol-infused frozen ice and cream based adult consumables under the trade name ‘SnöBar’.