BONITA SPRINGS, Fla. - Innovative Food Holdings, Inc. (OTCQB: IVFH), a company specializing in gourmet specialty foods for professional chefs, today announced a partnership with Cheney Brothers, a leading Southeast distributor. The collaboration involves integrating Innovative Food Holdings' drop-ship platform with Cheney Brothers' new Stock Room service to distribute products.
The technical aspects of the partnership are underway, with the expectation that orders will commence in the second half of the year. Innovative Food Holdings' platform, which leverages a network of unique and vetted vendors, is designed to scale the new business without significant investment in infrastructure or inventory.
Cheney Brothers, with over $3 billion in annual revenue, is recognized as one of the fastest-growing distributors in the United States. The partnership aims to extend the reach of Innovative Food Holdings' gourmet products through Cheney Brothers' distribution channels.
Bill Bennett, CEO of Innovative Food Holdings, expressed optimism about the contract, highlighting it as a testament to the company's growth potential and the appeal of its asset-light drop-ship model. Bennett emphasized the company's commitment to developing similar partnerships and focusing on execution to maximize these opportunities.
Innovative Food Holdings prides itself on offering access to unique, trendsetting, and artisanal foods, connecting top chefs nationwide with a curated marketplace of gourmet products.
This partnership announcement is based on a press release statement.
InvestingPro Insights
In the wake of Innovative Food Holdings' (OTCQB: IVFH) recent partnership announcement with Cheney Brothers, key metrics from InvestingPro provide a financial perspective on the company's current standing. With a market capitalization of $47.88 million and a notable year-to-date price total return of 38.29%, the company has demonstrated strong performance in the market. This is further underscored by an impressive one-year price total return of 175.3%, indicating a high return over the last year, which is a positive sign for investors looking at the company's recent growth.
However, the company's financial health shows some areas of concern. The P/E ratio stands at -35.25 for the last twelve months as of Q4 2023, reflecting challenges in profitability. Additionally, the Price / Book ratio is at a high of 17.07, suggesting the stock might be trading at a premium relative to its book value. Despite these challenges, the company's liquid assets exceed its short-term obligations, which is a positive sign of liquidity and financial stability.
Investors interested in deeper analytics can explore further InvestingPro Tips for Innovative Food Holdings, such as the company's moderate level of debt and the absence of dividend payouts to shareholders. With additional tips available on InvestingPro, users can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing more comprehensive insights to inform investment decisions.
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