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January 29, 2021

Flagship Food Group buys majority stake in La Tortilla Factory

Investor-backed Flagship Food Group has expanded its portfolio through an acquisition in its home US market.

By Dean Best

Investor-backed Flagship Food Group, a retail and private-label supplier in the US, has taken a majority stake in Mexican food business La Tortilla Factory.

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The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
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Flagship Food, majority-owned by Denver-based Creo Capital Partners focused on consumer products, said the deal was completed this week, although financial terms remain confidential. 

The Tamayo family-owners of La Tortilla Factory will “continue to remain valued partners” with its 300 to be retained, Flagship Food said in a statement.

La Tortilla Factory was founded in 1977 by Jose and Mary Tamayo in Santa Rose, California, and manufactures better-for-you Mexican foods, including corn, flour and grain-free tortillas, along with side dishes, sauces and snacks for the retail and foodservice channels. Sam Tamayo, a third-generation family member, is chairman.

CEO Jeff Ahlers said in a statement: “We are excited and eager to embrace Flagship Food Group and its entire family of companies and brands as supporters of La Tortilla Factory’s strategic growth plan. Their investment acumen and broader experience in the food industry will support and accelerate our strategy.”

Headquartered in Meridian, Idaho, Flagship Food produces poultry products, frozen fruit and vegetables, sauces, appetisers and Asian-inspired ready-meals, among others, supplied into retail, but it also manufactures for private-label clients.

Brands include 505 Southwestern, Lilly B's, TJ Farm's and Hatch Kitchen. As well as its headquarters in California, the company has plants and offices in Boise, Idaho, Denver in Colorado, Albuquerque in New Mexico, San Francisco, California, Minneapolis in Minnesota, and Indianapolis, Indiana. 

"As Flagship has continued to focus on premium-oriented food brands, and in particular in the Hispanic foods sector, it became clear to us that La Tortilla Factory (LTF) was a perfect addition to our platform," said Rob Holland, the founding partner of Creo. "Being one of the leading brands in the better-for-you segment of the tortilla and Mexican food space, LTF further enhances our ability to execute on our growth strategy."

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Free Report
img

What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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