Blue Point acquires Water Lilies Food

• Blue Point operating partners Angelo Fraggos and Clarence Mou will work with company
• The two will serve as board members
• Blue Point manages $1.5bn

Blue Point Capital acquired Water Lilies Food, which makes and distributes frozen Asian-inspired cuisine for retail private label and food service customers nationwide.

Blue Point invested in partnership with Peter Lee, second generation family member and CEO, who is retaining a significant ownership position in the company. Lee’s family founded the business in 1995.

The Company offers a broad portfolio of products, including dumplings, spring rolls, egg rolls and bao buns.

Blue Point Principal Rick Soukup added, “Our sector-focused operating executives, Angelo Fraggos and Clarence Mou, will provide a wealth of expertise to support Peter and the entire Water Lilies team in building on the Company’s strong track record of growth and market leadership.”

Mou and Fraggos bring decades of food manufacturing experience to Water Lilies, including direct involvement in the frozen Asian appetizer category with Mou’s prior family business, Discovery Foods. The two operating executives will serve as board members and strategic advisors to the Water Lilies management team.

Baker Hostetler provided legal counsel and Stout conducted financial diligence in connection with the transaction.

Blue Point Capital Partners is a private equity firm managing over $1.5 billion in committed capital. The firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources and unique toolkit, which includes supply chain / Asian capabilities, data and digital strategies, human capital strategy and focused add-on acquisition efforts. Blue Point typically invests in businesses that generate between $30 million and $300 million in revenue.