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July 29 - Imperial Frozen Foods completes Asset Purchase of Greystone Foods

Category: Manufacturing

Savannah Business Journal Staff Report

July 29. 2017 - Kenex holdings of Chicago announced this week that the portfolio company Imperial Frozen Foods (Imperial) has purchased 100% of the assets of Greystone Foods LLC (Greystone). Greystone is a Birmingham, AL based manufacturer of branded and private label frozen (IQF) vegetables.

In 2016 Imperial opened up its state-of-the-art production facility in Savannah  to further expand their product offering to customers. Imperial has also built a world-class management team to better serve their customers and position the company for growth, according to Kenex.

Greystone manufactures 30 varieties of grade-A frozen vegetables to 2,000 supermarkets across the US. The strategic asset acquisition extends Imperial's capabilities and product offerings to include frozen vegetables.

Greystone provides a unique selling point within the frozen IQF vegetable space by offering its full range of IQF vegetables in clear bags. Their clear bags allow the consumer to see exactly what they are buying and therefore product quality is at the highest of levels. The bags themselves are thicker than usual which prevents the product from acquiring crystallization during its transition through the supply chain from Greystone to the end user. Greystone's product is sold both under private label as well as the Today's Harvest label which is readily available in grocery stores throughout the Southeastern US.

According to Alex McIntosh, Imperial's VP of Sales,"We feel Greystone is a strong strategic fit with our go to market strategy which will now allow Imperial to offer a one stop shop for IQF fruit and vegetables with both branded and private label solutions. Combining private label with Sunkist® Frozen Fruit and Today's Harvest® Vegetables on the same truck can generate significant freight efficiencies for our customers."

Kenex Holdings acquired Imperial in December 2014.

Financing for the transaction was provided by Advantage Capital. Levenfeld Pearlstein represented Kenex as legal counsel and RSM provided transaction advisory services on the transaction.

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