IBM Foods, Inc. has been acquired by Polyphase Corp./Overhill Farms

Overhill Farms, a subsidiary of Polyphase Corporation (Polyphase), acquired Capital Alliance Corp. client IBM Foods (IBM) of Culver City, California.

Operating three state-of-the-art manufacturing plants with a staff of 750 employees, IBM was a supplier of prepared meals for the airline and hotel industries. The company also was the principal supplier of Jenny Craig frozen entrees for the grocery trade. The transaction consideration included cash and the assumption of IBM’s debt by Polyphase.