Lifeway Foods acquires cream cheese maker
Jul 26, 2004 12:18 PM, from staff and wire reports
Lifeway Foods Inc has completed the acquisition of Ilya’s Farms for a total cash purchase price of $575,600. Based in the Philadelphia PA area, Ilya’s Farms is a 12-year-old, privately held producer of fine gourmet cream cheeses.
Julie Smolyansky, Lifeway Foods’ president, said, “This provides Lifeway with an important East Coast presence and distribution center. Currently, we plan to continue to keep the Ilya’s Farms brand name in its current markets and look to begin production of a line of Lifeway branded gourmet cream cheeses in Chicago using the Ilya’s Farms recipes in the next couple of weeks.”
Lifeway purchased about $64,000 in tangible assets, Ilya’s Farms recipes, and brand name, and will lease its 5,000-square- foot production facility for two years. The firm’s 10 employees will be retained, and the founder will remain for a one-month transition period.
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