SYOSSET, N.Y. - Synergy Brands Inc. announced Tuesday that its subsidiary, Quality Food Brands Inc. (QFB), has acquired the assets of a baking mix facility in Michigan from Laurus Master Funds for $4.75 million in 9 percent non-recourse secured term notes.
In addition, QFB provided Laurus and LVBP Holdings the right to acquire a minority stake in QFB. The assets provide QFB with an operation to produce baking mix products that will supply existing customers of the Company.
The facility currently has the capacity to produce about $15 million of baking mix products, and QFB plans to add additional lines that would allow for production levels to be increased to $25 million annually.
QFB currently distributes about $10 million in baking mix products per year.