Specialty food distributor posts 64% sales gain

BONITA SPRINGS — Innovative Food Holdings posted a 64% gain on revenues in the fourth quarter as it benefited from the acquisition of The Fresh Diet last summer.

Innovative Food, which distributes gourmet specialty foods to chefs at upscale restaurants around the country, ventured into the consumer market by acquiring The Fresh Diet in August. The Fresh Diet delivers prepared meals to consumers in 570 cities across the U.S.

Innovative Food reported $10 million in revenues in the fourth quarter, a 64% increase over the $6.1 million it posted in the fourth quarter of 2013. As a result of expenses incurred by acquiring The Fresh Diet, Innovative Food posted a fourth-quarter loss of $3.7 million compared with a loss of $1 million in the fourth quarter of 2013.

“The Fresh Diet team had built a solid and growing business prior to the acquisition by Innovative Food Holdings,” says Sam Klepfish, CEO of Bonita Springs-based Innovative Food, in a statement. “At the same time, it had faced significant challenges as it transitioned from a fast growing startup company, with a focus on revenue growth at all costs, to a data driven, process driven business, with a focus on profitable long term revenues.”