PE-backed Del Real Foods appoints CEO

Del Real Foods, a Hispanic refrigerated foods company, has named Michael Axelrod as CEO. Previously, he was CEO of Passport Global Foods and Fine Choice Foods. Del Real is backed by Palladium Equity Partners LLC.

PRESS RELEASE

MIRA LOMA, Calif., Oct. 30, 2019 /PRNewswire/ — Del Real Foods, a leading Hispanic refrigerated foods company, today announced the appointment of Michael Axelrod as its new Chief Executive Officer. Mr. Axelrod leads a company that has built a strong brand within the large and growing Hispanic foods category and that recently has doubled its manufacturing capacity and expanded distribution of its products. Del Real is owned by a private fund affiliated with Palladium Equity Partners, LLC (“Palladium”) in partnership with the Cardenas family, the company’s founders.

Mr. Axelrod most recently served as CEO of Passport Global Foods and Fine Choice Foods, a leading manufacturer of globally inspired cuisine, and as President of TreeHouse Foods’ $1.5 billion Condiments division. He also has held executive positions at Whirlpool Corporation, Pactiv Corporation, McCain Foods, and Kraft Foods. Early in his career, Mr. Axelrod was a project leader at the Boston Consulting Group, a global management consulting firm.

“Michael is a highly experienced and well-regarded business leader who brings to Del Real almost three decades of experience leading and building food companies,” said Ed Lambert, the company’s Executive Chairman. “He is a people- and customer-centered individual who is ideally suited to help us as Del Real Foods moves to its next level of development. We look forward to working with Michael and the leadership team to continue the exceptional growth of our business.”

Daniel Ilundain, a Managing Director of Palladium, added: “We continue to invest in building the Del Real team and in expanding capacity after starting up a new plant in Oklahoma this year. We have a strong conviction in Del Real – its people, its brand, the quality of its products, and the potential of the category it operates in.”

“I am looking forward to joining the incredibly talented Del Real team, and am very excited about the company’s potential,” said Mr. Axelrod. “Del Real has a tremendous brand, a growing consumer base, and a strong innovation engine that has produced authentic and delicious products for many years. I am honored to help drive its growth alongside Palladium and the Cardenas family.”

About Del Real Foods
Del Real Foods, based in Mira Loma, California, is a manufacturer of branded and private label heat-and-serve authentic Mexican cuisine products including meats (like carnitas, barbacoa and al pastor), prepared specialty items (like tamales and pupusas), fresh salsas and side dishes. The company sells its products to the club, retail, foodservice and wholesale distributor channels.

For more information on Del Real, please visit http://delrealfoods.com.

About Palladium Equity Partners, LLC
Palladium is a middle market private equity firm with approximately $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has made 33 platform investments and over 130 add-on acquisitions. A private equity fund affiliated with Palladium Equity Partners, LLC has been invested in Del Real Foods since October 2016. For more information on Palladium Equity Partners, please visit www.palladiumequity.com.