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July 28, 2021

Flagship Food Group takes majority interest in Tortilla King

Flagship Food snapped up La Tortilla Factory in California in another deal this year.

Flagship Food Group, a branded and private-label supplier in the US, has taken a majority stake in snacks business the Tortilla King.

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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.
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Backed and majority-owned by Denver-based investment firm Creo Capital Partners, Flagship Food said Juan Guardiola, the president and CEO of Tortilla King, will remain a shareholder in Moundridge, Kansas-based Tortilla King.

Financial terms have not been disclosed for the transaction, which was concluded in mid-July.

Tortilla King manufactures corn and flour tortillas, including gluten-free, and tortilla chips under its Mama Lupe’s, La Comida and Li’l Guy brands sold into US retailers such as Walmart and Hy-Vee, as well as out-of-home customers. Founded in 1992, the company also serves as a co-producer for US food firms and a private-label supplier to local retailers.

Earlier this year, Flagship Food, based in Idaho, expanded into Mexican-style foods with the acquisition of a majority stake in La Tortilla Factory in California. It also supplies Asian-style ready meals, sauces, appetisers, poultry products and frozen fruit and vegetables to retail and private-label clients in the US.

Rob Holland, the founder and a managing partner at Creo Capital, said in a statement: “We are building a world-class, scaled, diversified food company. The Hispanic foods category has been our principal focus for nearly a decade, and the addition of Tortilla King expands both our capabilities and geographic footprint.”

Guardiola, a co-founder of Tortilla King, will remain in his role as president of the business. “Coming together as one company made sense for them, for me, and for our valued employees and customers,” he said, as the company joins Flagship Food’s other brands 505 Southwestern, Lilly B’s, Hatch Kitchen and TJ Farms.

Flagship Food has sites and offices across seven six states. It manufactures, sells, and distributes food products under brands that also include 505 Southwestern, Lilly B’s, TJ Farm’s and Hatch Kitchen.

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Free Report
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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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