Latin American and Caribbean foods company El Latino has struck a deal with private-equity firm Apex Capital to “accelerate” its expansion across the US.
In a statement, El Latino said Apex Capital joins the business as a “strategic partner” to support its “next phase of growth and to provide additional capabilities”.
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Headquartered in Doral, Florida, El Latino was set up by María Elena Ibañez in 2002.
Ibañez, who is also company president, commented: “This alliance with Apex Capital will enhance El Latino’s ability to deliver even greater value to our customers while strengthening our long-term relationships.
“It also creates a compelling opportunity to expand into new regions across the United States, bringing our proven model and high-quality offerings to a broader and increasingly dynamic market.”
The company offers a range of products from cheeses and yoghurts to arepas corn cakes, empanadas and frozen products.
According to the company’s LinkedIn profile, its products are distributed through major US supermarket chains such as Walmart and Costco, as well as Hispanic grocers, with an additional presence in parts of Texas, Kansas, Missouri, and Puerto Rico.
Apex Capital brings “more than 140 years of combined experience in the food and beverage industry” through its link to Grupo Mariposa, the company said.
The private-equity investor is part of Grupo Mariposa, a Latin American conglomerate, which has interests in food and beverages and operates in over 20 countries.
Financial terms and other details of the transaction were not disclosed.
Ibañez will stay on as president to maintain “strategic continuity, stability, and close connection with clients”, according to the statement.
Pedro Palma, Apex Capital’s managing partner, said: “This partnership represents an opportunity to build on a strong and proven platform while accelerating its next phase of expansion.
“We look forward to supporting El Latino in its continued growth and long-term success, as the company remains firmly committed to its core principles of quality, service, and innovation.”
Last April, Apex Capital acquired a majority stake in California-based Mexican-style foods business Juanita’s Foods.
The De La Torre family founded Juanita’s Foods in 1946 in Wilmington.
Juanita’s Foods offers a range of shelf-stable Mexican staples including menudo, pozole, hominy, albondigas and nacho cheese.
