NAPLES, Fla., March 25, 2013 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading provider of specialty, organic and health food products to the foodservice industry, announced that it has acquired certain assets of Pennsylvania-based, The Haley Group LLC.
The Haley Group functions as an outsourced sales and marketing senior executive team for companies seeking to launch and grow sales of foodservice related products. As one of the key components of its full service sales and marketing program, The Haley Group works closely with companies to access private and manufacturers' label foodservice opportunities, including the initiation and navigation of the often long and complex process involved in the launch of new products in the broadline foodservice industry.
The CEO and founder of The Haley Group LLC, Lou Haley, a highly regarded, foodservice senior executive with over 27 years of foodservice experience, has joined Innovative Food Holdings as Senior Vice President of The Haley Group. The Haley Group will operate as a wholly owned subsidiary of Innovative Food Holdings and Mr. Haley will report directly to senior management of Innovative Food Holdings. The transaction was an all-stock transaction and the purchase price was not disclosed.
The Haley Group generates revenues through monthly recurring revenues as well as through percentages of future sales of client company products. Currently, The Haley Group has a strong pipeline of new foodservice products, many of which are expected to launch in the second half of 2013 and the first half of 2014. As a result of the strong pipeline of products, The Haley Group is expected to contribute to Innovative Food Holdings' net income beginning in the middle of 2013.Sam Klepfish, CEO of Innovative Food Holdings, commented on the transaction, "Innovative Food Holdings continues to follow a strategy of leveraging its unique position as a leader in the specialty foodservice market to both prudently create and acquire synergistic growth opportunities. A key benefit of this acquisition is the multitude of synergies involved in leveraging Innovative Food Holdings' position within the foodservice space to further expand The Haley Group's offerings to a variety of new customers, products and new product areas. As a result, we believe that this acquisition provides Innovative Food Holdings with several new and potentially lucrative high margin revenue opportunities in several new key growth areas." About Innovative Food Holdings, Inc.