(April 9) POMPANO BEACH, Fla. — Pompano Beach-based J&B Wholesale plans to sell its business to a Coral Springs, Fla., group called Raptor Investments Inc., according to published reports and credit agencies.

Raptor Investments announced March 26 it had signed a letter of intent to purchase J&B from owners John and Barbara Mugnano. The letter clears the way for the company to complete financing and due diligence.

A holding company that was incorporated Dec. 12, Raptor Investments merged with an unidentified company two weeks later, according to the Florida Department of State. Its directors are Paul F. Lovito Jr., Matthew J. Lovito and Marc A. Lovito, according to the department.

Efforts to reach Raptor Investments and J&B Wholesale were unsuccessful.

Raptor’s management claims to have experience in mergers, acquisitions and corporate restructurings, among other things, and has shares of real estate and internet firms.

J&B Wholesale expects net income of $1 million this year on revenues of more than $10 million, according to a Raptor news release.

John Mugnano left Dominicks Fruit Bowl, Margate, Fla., in 1994 and posted a $50,000 surety bond to obtain a PACA license in 1995 to start J&B Wholesale Produce Inc. in Delray Beach, Fla. Dominicks filed for Chapter 11 bankruptcy pro-tection in September 1994 and converted that filing to Chapter 7 two months later.

The Raptor purchase reportedly involves the issuance of no equity but rather a combination of debt and seller financ-ing.