ICV Partners forms South Asian yogurt producer Desi Fresh Foods

• Larry LaPorta will serve as CEO of Desi Fresh Foods
• Lazard was financial advisor to Raymundo’s Food Group on the deal
• Based in Miami and Atlanta, ICV invests in the lower middle market

ICV Partners LLC has acquired the Desi Natural and Noga brands and related assets from Raymundo’s Food Group to form Desi Fresh Foods, a Farmingdale, New York-based producer of dahi, or South Asian yogurt, and lassi, a drinkable south Asian yogurt. No financial terms were disclosed.

Raymundo’s Food Group is a portfolio company of AUA Private Equity Partners.

On the deal, Qian Elmore, a managing director at ICV, said in a statement, “ICV is excited to create a new company that is a leader in its category. Desi Fresh Foods growth has outpaced the growth of the South Asian population and appeals to the broadening American consumer’s palate. We think there is considerable opportunity to bring Desi Fresh Foods products to more grocers in America.”

Desi Fresh Foods will be led by Larry LaPorta as CEO. Prior to Desi Fresh Foods, LaPorta was an executive in marketing and operating roles at Beiersdorf, Revlon, and Kraft Foods.

Financing for the acquisition was provided by M&T Bank. Jason Juall at DLA Piper and Joseph Alexander at Latham & Watkins advised ICV on the transaction. McDermott Will & Emery was legal advisor to Raymundo’s Food Group, LLC while Lazard was financial advisor.

Based in Miami and Atlanta, ICV invests in the lower middle market. The firm was founded in 1999.