Nascent Announces Completion of Letter of Intent to Sell Palermo Italian Foods to Investor Group
Palermo Foods, which was acquired by Nascent Foodservice in November of 2006, is an Italian food importer and distributor based in Miami, Florida, primarily serving the southern Florida markets.
11/06/08 Nascent Wine Company, Inc., dba Nascent Foodservice, Inc., the only nationwide distributor of imported products in Mexico, announced that it has signed a letter of intent to sell Palermo Italian Foods, LLC to a group of investors led by Palermo’s current President, Victor Petrone, who is also President and a director of Nascent Foodservice.
Palermo Foods, which was acquired by Nascent Foodservice in November of 2006, is an Italian food importer and distributor based in Miami, Florida, primarily serving the southern Florida markets. Palermo Foods operates out of a 33,000 square foot warehouse located in Miami, Florida and utilizes a fleet of approximately 8 trucks. Nascent Foodservice previously announced on June 2, 2008 that it was evaluating strategic options for its Palermo Italian Foods business.
Sandro Piancone, CEO of Nascent, stated, “The sale of the Palermo Italian Foods improves the Company’s financial position and enables us to focus and streamline the organization on our higher margin businesses. While we continue to believe that the value of the Palermo Foods business is significant, we believe it is in the best interest of our stakeholders to focus the organization on opportunities within our core competency of food distribution in Mexico. We are pleased to have found a buyer in Victor Petrone, who having served as President of Palermo Italian Foods over the past 2 years, brings significant experience and understanding of the business and is uniquely qualified to lead the business going forward.”
Victor Petrone, President of Palermo Italian Foods, stated, “Palermo Italian Foods is an excellent brand, widely recognized for its high quality Italian foods products and well-positioned within the Italian Foods marketplace. I look forward to leveraging my experience as President of Palermo Foods to continue to build the business and position Palermo Foods for future growth.”
