Geoff Gannon August 5, 2019

Innovative Food Holdings (IVFH): Specialty Food Distributor Trading At Sharp Discount To Larger Peers, Attracting Activist Attention

Writeup by Thomas Niel Innovative Food Holdings (OTC: IVFH),  is a micro-cap specialty foods distributor selling at a sharp discount to its peers. This discount is not irrational, as the company has two material risks: IVFH is dependent on a third-party (US Foods) to distribute its specialty food products to restaurants and other food service customers. This contract is year-to-year, but limits the company’s appeal as a takeover candidate to US Foods’s rivals. IVFH has made two acquisitions in order to diversify into the e-commerce...

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