BLACKFOOT, Idaho-Idaho-based Nonpareil Farms has signed a letter of intent to sell its dehydrated potato business to Basic American Foods, corporate officials announced last week.
Nonpareil officials said the sale will allow their company to focus on its rapidly growing fresh potato brand.
"Due diligence is currently underway," the companies said in a press release. "Both Basic American Foods and Nonpareil Farms are working toward negotiating the various agreements involved in the transaction and anticipate the process to take eight to 10 weeks to conclude and finalize the documents for closing."
The companies did not divulge a selling price.
SOURCE: John O'Connell, Capital Press