Raymundo’s Food Group, a US-based desserts manufacturer, has a new owner in the shape of Lakeview Farms, a portfolio company of UK investment business CapVest.
The Illinois-based business specialises in Hispanic-inspired refrigerated puddings, flans and cremes, as well as sweet snacks such as churro dippers.
It operates an 84,000 sq ft manufacturing facility.
Ohio-headquartered Lakeview, which employs around 1,000 people, makes chilled food products, including dips, salsa, houmous and desserts.
Its brands, distributed nationally, include Senior Rico and La Mexicana.
In a statement announcing the sale, Florida-based AUA Private Equity said: “Over the past decade, Raymundo’s has established itself as a leading, Hispanic-inspired snack brand in the United States, providing an assortment of flan, gelatin, and puddings, primarily through mass market retail.”
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Robert Rosales, CEO of Raymundo’s, said: “We anticipate that Raymundo’s will be a highly accretive addition to the Lakeview Farms’ portfolio and it should further expand their snack offering and breadth of Hispanic-inspired foods.
“Lakeview Farms’ capabilities and resources will enable the Raymundo’s brand to continue expanding into new retail locations and new channels.”
Andy Unanue, managing partner of AUA Private Equity, said: “The success of this transaction is a result of the hard work of our management team, value-creation partners and investment professionals at AUA Private Equity. Robert Rosales and the entire Raymundo’s management team has been instrumental in navigating Raymundo’s through a transitionary period, improving the business, and driving future growth.”
CapVest declined to comment when contacted by Just Food.
CapVest has wide-ranging interests in the food sector with portfolio businesses including US snack maker Second Nature, which this week bought JM Smucker’s Voortman cookies brand in a deal valued at $305m.
