Pacific Ventures Group Inc. Announces Signing of Asset Purchase Agreement for California Food Distribution Company
Los Angeles, California, Aug. 21, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Pacific Ventures Group (OTC PINK: PACV) (the “Company”), an investment group concentrating in food and beverage distribution, announced today that it signed an Asset Purchase Agreement to acquire a distribution company focused on food, frozen foods and other related products located in Southern California through its subsidiary. Pacific Ventures Group began its due diligence process earlier this year and expects to close the transaction after both parties complete their legal review. The California food distribution company has current annual revenues in excess of $30M, serves customers in the state of California and other nearby states. This acquisition complements the Company’s existing food distribution business which is operated by San Diego Farmers Outlet.
The acquisition will result in a food distribution business with greater revenues and profits. The company will also have a larger combined customer base, expanded range of products, and an expanded network of retail and institutional accounts.
Pacific Ventures Group and its management believe that the acquisition will create a substantial new revenue stream, in addition to that of the current distribution company San Diego Farmers Outlet.
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