AUA Private Equity Partners LLC has acquired Raymundos Food Group LLC. Financial terms weren’t announced. Bedford Park, Illinois-based Raymundos makes and markets refrigerated snacks and desserts. McDermott Will & Emery LLP provided legal advice to AUA Equity, and Wintrust Financial Corp provided financing.
New York, NY – February 2, 2016 – AUA Private Equity Partners, LLC (“AUA Equity”), a lower middle-market private equity firm investing in family-owned businesses and in companies benefiting from the growth in the U.S. Hispanic population, is pleased to announce the acquisition of Raymundos Food Group, LLC (“Raymundos”, or the “Company”). Raymundos is a manufacturer and marketer of refrigerated snacks and desserts based in Bedford Park, IL. The Company will be led by its newly appointed Chief Executive Officer, Ricardo Alvarez, who has a long and successful career leading companies in the food sector, where he previously held CEO positions at Overhill Farms, Spartan Foods, Busch’s Fresh Food Market, and Ruiz Foods. Ricardo Alvarez, Chief Executive Officer of Raymundos stated, “I am thrilled with the opportunity to partner with AUA Equity to help build Raymundos. The Company has all of the ingredients for success in establishing itself as a leader in the mainstream refrigerated segment.” AUA Equity has also appointed seasoned food executive, and existing AUA Equity Operating Executive, Bob Levi to the board of Raymundos. Bob brings considerable food experience in the category from his tenure at the Jello division of Kraft Foods, and as the President of Kraft’s Wal-Mart division overseeing the relationship with the largest retailer in the U.S.
Established more than fifteen years ago, Raymundos operates in the refrigerated snacks and desserts segment, and serves some of the largest grocers, mass merchandisers and distributors in the United States. The Company has also developed a strong presence in Hispanic-focused retailers and brand recognition among Hispanic consumers. Raymundos develops, manufactures, markets and distributes gelatins, flans, puddings and other ready-to-eat desserts to over 15,000 retail locations across the United States. AUA Equity’s investment in Raymundos will allow the Company to accelerate sales growth by: adding new customers and stores, developing new products and flavor extensions, and by enhancing financing capacity to pursue growth initiatives. The terms of the transaction were not disclosed.
Steven Flyer, Partner of AUA Equity stated, “Our investment in Raymundos fits squarely within AUA Equity’s investment strategy – a Hispanic-oriented and family-owned business with the potential for broad cross-over appeal and rapid growth. We are excited to expand Raymundos’ distribution and build a leading refrigerated foods company in the U.S.”
Andy Unanue, Managing Partner of AUA Equity commented, “We are very excited to partner with the Raymundos’ team and help take the company to the next level. I have personally known Ric Alvarez for over 15 years and believe that his experience in the food industry, strong leadership skills, and expertise in food innovation will allow us to continue to expand the Raymundos’ brand.”
The AUA Equity deal team was led by Partner Steven Flyer, Principal Kyce Chihi and Senior Associate Ari David. McDermott Will & Emery LLP provided legal advice to AUA Equity, and Wintrust Financial Corporation provided financing to the Company.
Raymundos Food Group, LLC is an Illinois-based manufacturer and marketer of predominantly branded refrigerated snacks and desserts. The Company’s portfolio of gelatins, flans, puddings and other ready-to-eat products has strong connectivity to the growing Hispanic demographic in the United States, and provides a unique value-proposition to food retailers. Raymundos products are distributed through mass retailers, conventional grocery retailers, as well as through independent and local Hispanic retailers. For more information on Raymundos, please visitwww.raymundos.com.
ABOUT AUA PRIVATE EQUITY
AUA Private Equity Partners, LLC is a New York-based, operationally focused, lower middle-market private equity firm providing strategic capital to companies in the consumer, media, and business services sectors, with a particular focus on family-owned businesses and companies benefiting from the growth of the U.S. Hispanic population. AUA Equity makes equity investments of $15 to $50 million in companies that generate in excess of $3 million in EBITDA. AUA Equity currently manages over $250 million of capital. For more information on AUA Private Equity, please visit www.auaequity.com.