Chicago-based Development Specialists, Inc. has announced that it is accepting offers for the assets of F&F Foods, a contract manufacturer of branded and private label cough drops, mints and candies also located in the city.

On March 18, 2009, F&F Foods executed a state insolvency proceeding known as an “assignment for the benefit of creditors.” The move involved informing all creditors of the situation, thus allowing F&F Foods to move forward “as a going concern with the cooperation of the creditors.”

Development Specialists currently is managing the finances of the company with funding from a secured lender. Both F&F Foods’ management  and Development Specialists believe that once properly capitalized, the company “is poised for substantial growth in its branded product offering, continued success in its private label and contract manufacturing segments and a return to profitability.”

Founded in the 1936, F&F Foods sells its products through a variety of distribution channels, including retail grocery and drug stores, vending, mass merchandisers and national dollar store chains. Sales last year totaled $16,500,000. Private label and contract packaging sales comprise approximately 80% of total revenue, with proprietary brand product sales representing the remaining revenue.

Editor’s Note: Turn to “Mints’ Mr. Fix-It” in this month’s issue of Candy Industry for more information about F&F Foods.