Poore Brothers Inc. announced the signing of a non-binding letter of intent to acquire certain assets and liabilities of Shadewell Grove Foods Inc., and Shadewell Grove IP LLC (collectively "Shadewell") including the Mrs. Field's licenses to produce and sell ready-to-eat cookies, baking chips, brownies and toppings through grocery, drug, club, mass and convenience store channels. The letter of intent is non-binding, and there can be no assurance that the acquisition will be completed or that it will be completed on the terms and conditions contained in the letter of intent.
Thomas W. Freeze, president and chief executive officer, commented, "We believe this is an excellent fit with our strategic plan, because the Mrs. Field's brand is nationally recognized for quality cookie products, and there are many business synergy opportunities. Shadewell currently sells its products in many of the same distribution channels that we do, and they sell in several countries internationally. Shadewell utilizes excellent co-packers to make their products, and our goal is to combine warehousing and distribution for added efficiency gains. We believe that this acquisition would be accretive after the initial integration phase."