Pacific Ventures Group, Inc. agreed to acquire PNC, Inc. for $5.8 million.
August 20, 2019
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Pacific Ventures Group, Inc. (OTCPK:PACV) entered into an assets purchase agreement to acquire PNC, Inc. for $5.3 million on August 15, 2019. On December 10, 2018, Pacific Ventures Group, Inc. (OTCPK:PACV) entered into an amended assets purchase agreement to acquire PNC, Inc. for $5.8 million. The transaction was funded through a secured financing. The transaction is subject to due diligence. As of November 25, 2019, the transaction is expected to close on or before December 15, 2019.
Pacific Ventures Group, Inc. is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of subsidiaries, the Company delivers specialty groceries, proteins and produce, and products to consumers through wholesale, retail, and direct-to-consumer channels. Its subsidiaries include San Diego Farmers Outlet, Seaport Meat Company, and Snobar Holdings, Inc. (Snobar). San Diego Farmers Outlet is a supplier of fresh fruits and vegetables and specialty groceries for retail customers and wholesale restaurants. Seaport Meat Company manufactures custom processed beef, pork, chicken, lamb, veal and seafood. Its meats are offered in restaurants and butcher shops. SnoBar offers SnoBar Frozen Cocktails, an alcohol infused ice-pops, ice cream and sorbet. SnoBar offers three types of ice-pops namely Margarita, Mojito and Cosmopolitan. SnoBar provides ice cream in a range of flavors, such as grasshopper, pink squirrel, and brandy alexander.
PACIFIC VENTURES GROUP, INC. 