iFresh Inc., an Asian American grocery supermarket chain and online grocer, has entered into a non-binding letter of intent to acquire Dragon Seeds LLC, a farm based in Vero Beach, Florida, specializing in Mibao dragon fruit.
iFresh is expected to acquire 70 percent ownership of Dragon Seeds for a combination of cash and stock to be determined after the completion of due diligence.
The management team of Dragon Seeds has more than twenty years of operational experience growing, harvesting, packing and distributing dragon fruit. The farm’s “Dragon King” brand, features Mibao dragon fruit successfully grafted with a local American variety of dragon fruit. iFresh entered into an exclusive supply agreement with Dragon Seeds in late 2017.
Dragon Seeds is majority owned by Long Deng, iFresh’s chairman and CEO. The final terms of the transaction will be approved by the audit committee of iFresh’s board of directors.
“This acquisition will be a good addition for iFresh, supporting our continued strategy of vertically integrating our supply chain. Dragon Seeds’ experts share our customer-focused approach,” says Long Deng. “We look forward to actively supporting Dragon Seeds’ team through continued investment to more fully realize our vision of satisfying the increasing demands of Asian Americans for fresh and culturally unique products and further differentiating our product line from that of our competitors.”
iFresh Inc. is headquartered in Long Island City, New York, and operates nine retail supermarkets along the U.S. eastern seaboard (with additional stores in Glen Cove, Miami, and Connecticut opening soon), and two in-house wholesale businesses located in cities with highly concentrated Asian populations.