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Innovative Food Holdings, Inc. (IVFH) is a specialty food platform that sources, distributes, and enables the distribution of high-quality, unique food and food-related products. The company serves both professional chefs and home gourmets, offering a wide range of gourmet ingredients, specialty foods, and related services. IVFH operates through multiple sales channels, including foodservice partnerships, e-commerce platforms, and direct-to-consumer offerings.
- Specialty Foodservice - Supplies professional chefs in restaurants, hotels, and catering houses with premium specialty food products through direct distribution and partnerships with distributors like US Foods, Inc..
- E-Commerce - Offers gourmet food products to home gourmets via proprietary websites (e.g., iGourmet.com, Mouth.com) and third-party marketplaces like Amazon and Walmart.
- National Brand Management - Provides brand management services, including fees and commissions associated with client sales.
- Warehouse and Logistic Services - Delivers inventory management, order fulfillment, and warehousing services for specialty food products.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bill Bennett ExecutiveBoard | CEO and Director | None | Bill Bennett became CEO on February 28, 2023. He previously held leadership roles at Kroger and Walmart, focusing on eCommerce and grocery operations. He launched IVFH's strategic "100/10" plan to drive growth. | View Report → |
Brady Smallwood ExecutiveBoard | COO and Director | None | Brady Smallwood became COO on May 15, 2023. He previously held leadership roles at Kroger and Walmart, specializing in eCommerce strategy and operations. | |
Gary Schubert Executive | CFO | None | Gary Schubert became CFO on January 1, 2024. He previously held senior finance roles at Walmart and Tyson Foods, focusing on eCommerce and financial strategy. | |
Denver J. Smith Board | Director | Co-Founder and Co-CIO of Carlson Ridge Capital; Advisor to Aspen Family Trust; Board Member at Lifestyle Management Inc. | Denver J. Smith has been a director since March 13, 2023. He has extensive experience in investment management and M&A transactions. | |
Hank Cohn Board | Director | CEO of P1 Billing, LLC; Board Member at Analytical Surveys, Inc., Kaching, Inc., and Evolution Resources Inc. | Hank Cohn has been a director since October 29, 2010. He has a background in founding and selling service-based startups. | |
James C. Pappas Board | Director | Managing Member of JCP Investment Management, LLC; Director at Tandy Leather Factory, Inc. | James C. Pappas has been a director since January 30, 2020. He is an experienced investor and board member with a focus on corporate governance. | |
Jefferson Gramm Board | Director | Partner and Portfolio Manager at Bandera Partners LLC; Chairman of Tandy Leather Factory, Inc.; Director at Rubicon Technology Inc. | Jefferson Gramm has been a director since September 10, 2021. He is an experienced investor and board member with expertise in corporate strategy. | |
Mark Schmulen Board | Director | CEO of Chirp Systems, Inc.; Managing Director of Jelly Capital, LLC; Investment Advisor Representative for Forum Financial, LP; Board Member at Shlenker School and HHF Foundation | Mark Schmulen has been a director since January 30, 2020. He has a background in technology startups and investment management. | |
Sam Klepfish Board | Chairman of the Board | Managing Partner at ISG Capital; Steering Committee Member at Tri-State Ventures | Sam Klepfish transitioned to Chairman on February 28, 2023, after serving as CEO since 2007. He led IVFH's growth from $6M to $77M in revenue. |
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"In your Q3 results, you mentioned that gross margins declined by 150 basis points due to the mix shift and intentional negative margins during the 10-store retail test. How confident are you that scaling the retail business will improve margins, and what specific steps are you taking to ensure profitability as you expand?"
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"With the ramp-up of the cheese business in the retail segment requiring investment in inventory, inventories are expected to grow in Q4. How are you managing the risks associated with increased inventory levels, especially with perishable goods, and what measures are in place to optimize working capital?"
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"The acquisition of Golden Organics is projected to have an attractive IRR without assuming significant synergies. Can you provide more details on how you plan to integrate this acquisition, realize potential synergies, and the timeline for achieving expected returns?"
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"Your legacy drop-ship business continues to experience negative sales trends, albeit improved to single-digit declines. What strategies are you implementing to return this segment to growth, and how critical is this business to your overall growth plan?"
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"You've set an ambitious goal of reaching $110 million in revenue and $10 million in adjusted EBITDA as your first milestone. Given that you've just exited the stabilization phase, what are the primary challenges you foresee in achieving this target, and how do you plan to address them?"
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Foods | Largest distribution partner for specialty foodservice | Foodservice | 43% of 2024 revenue ($31.2M) , 48% of 2023 revenue , 10% of 2024 A/R , 26% of 2023 A/R |
Gate Gourmet | Leading airline catering solutions partner | Airline Catering | 16% of 2024 revenue ($11.6M) , 15% of 2023 revenue |
Sam’s Club | Retail membership warehouse club partner | Retail | 8% of 2024 revenue ($5.5M) , 0% of 2023 revenue |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Golden Organics, Inc. | 2024 | Innovative Food Holdings, Inc. (IVFH) acquired Golden Organics through an asset purchase agreement finalized on November 18, 2024, for a total of $1.58M (combining $1.23M cash and a $350K seller's note payable over five years at 6%); the deal strategically expanded IVFH’s product portfolio by adding 800+ certified organic products, enhanced sourcing capabilities with key international relationships, and increased its customer base by over 200 accounts. |
Recent press releases and 8-K filings for IVFH.
- Investor Presentation Scheduled: The company will present at the Planet MicroCap Showcase: VEGAS 2025 on April 23, 2025, followed by in-person 1x1 investor meetings at the Paris Hotel & Casino, Las Vegas ( ).
- Strategic Transition and Growth: IVFH is executing a turnaround with a focus on a profitable specialty foodservice core, marked by Q4 2024 organic revenue growth of 44% and FY 2024 revenue of $72M ( ).
- Brand and Listing Update: The company is planning an upcoming name change to Harvest Group Holdings, Inc. and aims for a Nasdaq uplisting ( ).
- Fiscal Year 2024 Performance: Reported revenue of $72.1 million (up +2.5% vs. 2023) with organic revenue growth of +11.4% and GAAP net income from continuing operations of $2.5 million compared to a loss of ($3.7) million in 2023.
- Fourth Quarter Highlights: Achieved Q4 revenue of $23.0 million with a +19.2% increase versus Q4 2023 and an improvement in GAAP net loss from ($1.4) million to ($0.2) million.
- Operational Focus and Developments: Despite a decline in gross margin by 85 basis points to 23.4%, the company advanced its growth strategy through key acquisitions (Golden Organics and LoCo Food Distribution) and expansion of its new retail channel.