GlobeNewswire • September 24, 2018
Asset Acquisition Could Bring $40 Million Additional Revenue Annually
LOS ANGELES, CA, Sept. 24, 2018 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Pacific Ventures Group, Inc. (PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced the signing of a definitive Asset Purchase Agreement to acquire Convenient Wholesalers of America, Inc.
The asset acquisition was previously announced as a Letter of Intent on August 16, the Asset Purchase Agreement was signed on September 18, and the asset purchase transaction is anticipated to close on or before December 31, 2018.
“We believe this acquisition significantly enhances our food and beverage distribution business with expansion to the southeast and will accelerate our sales of SnoBar,” said Ms. Shannon Masjedi, President and CEO of Pacific Venture Group. “In addition to their existing footprint, we have identified opportunities to further expand Convenient Wholesalers of America’s geography and accelerate its business growth.”
Convenient Wholesalers of America, Inc. (CWA) is a standard and registered distribution company that is involved in the distribution of food, beverages and general merchandise to retailers, households, hotels, restaurants, mom and pop markets, liquor stores, gas stations and others. Since 1996, CWA has provided quality merchandise at discounted prices to local customers in Fort Lauderdale and surrounding areas. Deliveries are made on a daily basis through its own trucks and outside trucking companies.
CWA’s corporate warehouse and administrative offices are located in the industrial part of Fort Lauderdale, Florida. The 50,000 square foot warehouse facility is big enough to fit all inventory under one roof and has multiple docks for loading and unloading merchandise. It is a focal point that allows reach to markets as far south as the Keys and as far North as West Palm Beach. For additional information, please visit: http://cwasales.com
CWA carries and manages a unique mix of over 4,000 products that are manufactured by leading companies. The current vision is to provide excellent service with quality products and competitive pricing with a focus on name brand, private label products being delivered efficiently to customers. Unlike some other distributors who make their customers receive products on a day and time convenient to the distributor Convenient Wholesalers of America deliver daily and pays attention to what the customer wants. The company understands that people want to do business with people they like and insures that customers like the company.
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)
Safe Harbor Statement
Pacific Ventures Group is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)