Pacific Ventures signs LoI to acquire food distribution company in US

Investment group Pacific Ventures has signed a non-binding Letter of Intent (LoI) to purchase an undisclosed food distribution company in the East Coast region of US.

Pacific Ventures is reportedly commencing its due diligence process in support of the acquisition of the food distribution firm, which has annual revenues of approximately $30m.

The completion of the deal is subject to the satisfactory due diligence, among other conditions.

Pacific Ventures is a publicly traded company with a primary focus on the expansion of the food and beverage and alcohol industries.

The company is based in Los Angeles, California, and its recent share increase is expected to be used for acquisitions, including brands such as SnöBar, Alcohol Infused Ice Cream and Ice Pops.

The firm holds the rights and appropriate licenses to sell its alcohol-infused frozen ice and cream based adult consumables, along with the trade name SnöBar, via its various affiliates.

Pacific Ventures currently distributes SnöBar alcohol-infused ice pops, as well as SnöBar alcohol-infused ice cream and sorbet products.

SnöBar ice pops are frozen alcoholic beverage bars, which are similar to popsicles on a stick but made with premium liquor such as tequila and vodka.

These pops are manufactured in three flavours, namely Margarita, Cosmopolitan and Mojito.

Pacific Ventures noted that the alcohol freezing technology used to produce these beverage bars can be applied to almost any alcohol type and mixture, thereby offering significant market potential and an unlimited variety of flavours, as well as scope for the employment of premium brands.

Each ice pop is claimed to be the equivalent of a full cocktail.

In addition, Pacific Ventures Group’s subsidiary Royalty Foods Partners completed the acquisition of the San Diego Farmers Outlet last month.

San Diego Farmers Outlet is retailer and wholesale distributor of food, beverages and produce that generates revenues of more than $4m annually.