Windsor Foods, which produces frozen foods, has acquired Discovery Foods from Friedman Fleischer & Lowe. Financial terms weren’t announced. Discovery Foods, of Hayward, Calif., makes frozen Asian snacks, appetizers and entrees. Friedman Fleischer is a San Francisco PE firm.
Windsor Foods, a leading producer of high-quality frozen foods, and Friedman Fleischer & Lowe (“FFL”), a San Francisco-based private equity firm, today announced that Windsor Foods has completed its acquisition of Discovery Foods (“Discovery”) of Hayward, CA, from FFL. The terms of the transaction were not disclosed.
Discovery Foods is a manufacturer of frozen Asian snacks, appetizers and entrées. It produces and sells Ling Ling® Asian appetizers and Tai Pei® Asian entrées and appetizers, as well as VIP® frozen fruit and vegetables. Windsor Foods currently holds leading market positions in both the Italian and Mexican frozen food segments, and the addition of the distinctive Ling Ling® and Tai Pei® brands will allow Windsor Foods to broaden its product portfolio and assume a leading market position in Asian frozen food.
“We are excited about this strategic transaction, which expands our presence in the Asian frozen food market,” said Greg Geib, CEO of Windsor Foods. “Asian frozen food is a premier growth segment in the ethnic frozen food market. We are confident that together we will be able to leverage the strengths of our complementary products and customer relationships and continue to build our presence in the Asian category. We welcome Discovery’s dedicated employees and experienced management team to our company.”
“In partnership with the FFL team over the past four years, Discovery has expanded its sales force, significantly increased its penetration of the grocery retail market, introduced innovative ethnic products, and improved manufacturing operations, all of which have contributed to dramatic growth in sales and profitability,” said Nancy Ford, Managing Director at FFL. “Today Discovery is the leading Asian branded frozen food company, with a strong presence across the key national food retailers, and I am confident that Discovery and Windsor Foods have a bright future together.”
About Windsor Foods
Founded in 1996, Windsor Foods is a privately-held, family-owned company that manufactures and markets high-quality specialty frozen foods for consumers, commercial restaurants, and foodservice operations. Windsor Foods operates nine manufacturing plants located in seven states. Bank of America-Merrill Lynch acted as exclusive financial advisor to Windsor Foods in connection with this acquisition.
About Discovery Foods
Founded in 1986, Discovery Foods was purchased and merged with VIP Foods in 2006 by Friedman Fleischer & Lowe. It operates two manufacturing plants in Hayward, CA and one in Fort Worth, TX.
About Friedman Fleischer & Lowe
Friedman Fleischer & Lowe, LLC is a San Francisco-based private equity firm with approximately $2.5 billion under management that is focused on investing in U.S. middle-market companies. Formed in 1997, FFL’s strategy is to invest in market-leading companies that generate high returns on invested capital and that have strong, defensible competitive positions, attractive growth prospects and outstanding management. Representative investments include:
Tempur-Pedic International, Milestone AV Technologies, CapitalSource, Korn/Ferry International and GeoVera Insurance Group. For more information on Friedman Fleischer & Lowe, visit www.fflpartners.com.