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