Pacific Ventures Group Closes Acquisition of California Food Distribution Company
Wednesday, December 18, 2019 8:30 AM
Combined Company Expects $33 Million Annual Revenue
LOS ANGELES, CA / ACCESSWIRE / December 18, 2019 / Pacific Ventures Group, Inc. (OTC PINK
ACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced the closing of its previously announced planned acquisition of California food distribution company, Seaport Meat Company. Seaport Meat generated approximately $28 million in revenue over the past year, while serving customers in California and nearby states. The company is focused on the distribution of fresh food, frozen foods and other related products, primarily in southern California.
Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are extremely excited to enter this next phase for our business with the closing of the acquisition of Seaport Meat Company. We believe this transaction puts us at a major inflection point in building a significant food distribution platform company. We look forward to integrating the businesses, identifying operating efficiencies and accelerating our revenue growth."
With the acquisition complete, the Company has a larger customer base, expanded range of products, an expanded network of retail and institutional accounts and an expected annual revenue base of $33 million. Management believes that additional revenue opportunities will present themselves with the combination of the two companies, as synergies have already been identified for increased food product distribution