SWFL food services company sells e-commerce unit for $700K

Innovative Food Holdings Inc., a Bonita Springs national seller of gourmet specialty foods to professional chefs, has closed a deal to sell its consumer e-commerce business, igourmet.com, for $700,000.

The cash deal, according to a statement, includes $175,000 due in 30 days, plus the assumption of approximately $350,000 of gift card liabilities. The company’s Pennsylvania facility is not included in the transaction, the release adds, and the name of the buyer wasn't disclosed.

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The cash for this sale, the company says, will be used to invest into a new retailer business as it “ramps up working capital and installs new automated machinery to cut, wrap and label our gourmet cheese at a fraction of the cost of our previous manual operation.” 

The sale follows the company’s announcement late last year that it had made progress on five deals — involving both property and business units — expected to net the company at least $7 million. “With today’s announcement, we mark continued progress against our strategic stabilization plan of selling off assets that are not a fit for our larger scale, more profitable foodservice business, as first discussed in our November 2023 earnings call,” CEO Bill Bennet says.

Innovative Food Holdings had $72.21 million in revenue in 2023, down -9.26% from $78.9 million in 2022. The company is publicly traded over the counter (symbol: IVFH).