M&A - INNOVATIVE FOOD HOLDINGS INC

Form Type: 8-K

Filing Date: 2025-01-07

Corporate Action: Acquisition

Type: New

Accession Number: 000118518525000012

Filing Summary: On December 20, 2024, Golden Organics, Inc., a subsidiary of Innovative Food Holdings, Inc., entered into an asset purchase agreement with LoCo Food Distribution LLC and its owners. According to the agreement, Golden will acquire substantially all properties, business, and assets related to LoCo's food distribution operations for a purchase price of $304,268.85, intended to settle the Seller’s outstanding debts. Additionally, there is a potential earnout payment of $53,430 based on revenue and adjusted EBITDA targets within the following twelve months. The agreement includes standard representations and warranties, as well as non-competition and non-solicitation clauses lasting five years. The transaction closed on the same day, December 20, 2024. A press release was issued on January 7, 2025, announcing the transaction.