Private-equity firm Apex Capital has acquired a majority stake in California-based Mexican-style foods business Juanita’s Foods.
The financial details of the transaction have not been disclosed.
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The De La Torre family, who founded Juanita’s Foods in 1946 in Wilmington, will retain a “significant” ownership interest and remain involved in the business, a statement announcing the deal read.
Juanita’s Foods offers a range of shelf-stable Mexican staples including menudo, pozole, hominy, albondigas and nacho cheese.
CEO Aaron De La Torre said: “This partnership strengthens our commitment to expanding Juanita’s into new markets and categories.
“Apex Capital brings the expertise and resources needed to support our continued growth while preserving our dedication to our employees and customers. Together, we will drive long-term value and innovation.”
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By GlobalDataApex Capital is part of Grupo Mariposa-Apex, a Latin American conglomerate, which has interests in food and beverages and operates across 16 countries.
Commenting on the deal, Apex Capital managing partner Pedro Palma said Juanita’s Foods “deeply resonates with Hispanic consumers in the US and aligns with our values”.
“This investment is a strong fit with our strategy of nurturing heritage Hispanic brands with high growth potential, guided by a focus on operational excellence and sustainable value creation,” Palma added.
Grupo Mariposa has a number of investment vehicles through which it backs companies.
In October, another investment arm, Bia Foods, acquired a stake in US-based Badia Spices.
Bia Foods was set up by food and beverage conglomerate Grupo Mariposa in 2017. It launched the private investment arm to buy food businesses in the US, Mexico and Latin America and has made a number of acquisitions.
The Mexican and, more broadly, Hispanic foods sector in the US has proved attractive to corporate interest in recent quarters.
Perhaps most notably, last October also saw PepsiCo buy Mexican-American snacks maker Siete Foods for a fee of $1.2bn.
