J&B purchases produce company's assets

J&B Wholesale Produce Inc, a wholly owned subsidiary of Raptor Investments Inc, has completed the purchase of the assets of English Produce Inc, a Pompano Beach FL-area wholesale produce distributor.

English was distributing produce to more than 20 restaurants throughout Broward and Palm Beach County. English has been generating $1,000,000-plus in annual revenues.

According to the terms of the acquisition, J&B acquired English's operations under an asset purchase agreement. J&B will consolidate English's operations as part of its facility in Pompano Beach. This acquisition is Raptor's second acquisition of a wholesale produce company in a little over a year. Terms of the acquisition were not disclosed, but the purchase involved some cash and forgiveness of debt.