Teasdale Latin Foods has changed hands, with ownership moving to a group led by Knighthead Capital Management.
In a statement yesterday (7 April), the Hispanic food supplier said the transition eliminated around $300m of debt and “substantially” improved its future operating liquidity.
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Teasdale manufactures a range of beans, hominy, tortillas, snacks, and salsas for private label, food service, and co-manufacturing.
Snow Phipps Group, a New York-based private equity firm, acquired Teasdale in October 2014 from Palladium Equity Partners before rebranding as TruArc Partners in 2021.
The ownership transition offers “strong” financial backing for growth initiatives, the US canned food maker said.
The company will continue to be led by CEO Tim O’Connor and its existing management team.
They will be supported by a newly board of directors, including Knighthead co-founder and managing member Ara Cohen, Knighthead partner Kyle Kneisly, and TruArc operating partner Tom O’Boyle.
Tim O’Connor said: “We are delighted to have Knighthead as a partner as we continue to grow our presence across several Latin foods categories. Knighthead’s support is a strong vote of confidence in our ability to grow and create increased value for all of our stakeholders. It is also recognition of the hard work of our entire team, which delivers for our customers day in and day out.
“With an improved financial foundation, the ability to invest in growth initiatives going forward, and a highly qualified new Board, I am confident that we will be able to capitalise on our opportunities and realise our full potential.”
