Tropicale Foods, a California-based manufacturer of Mexican-style ice pops, has received investment from private-equity firm Wind Point Partners.
Located in Ontario, Tropicale makes frozen novelty lollies known as paletas under its Helados Mexico brand, and also Hispanic products such as bolis, fruit-flavoured frozen treats in a tube, and mangonada, flavoured shaved ice products, all supplied to retail channels.
Wind Point said it has partnered in the investment with snacks industry veteran José Luis Prado, who was most recently chief executive of Evans Food Group, a manufacturer of branded and private-label pork rind snacks which Wind Point sold in August 2019. Prado will serve as board chairman, while the rest of the management team will be retained.
Details of the investment in Tropicale Foods, which was founded in 1999, were not disclosed.
Joe Lawler, a principal at Illinois-based Wind Point, said: “Tropicale represents a great fit for Wind Point. The founders have built a terrific business with great momentum and we look forward to their continued support in growing Tropicale in this next phase. We are also excited to partner with José Luis and the entire Tropicale team.
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“We have a strong value-creation plan that includes delivering on commitments to our customers, continuing to support growth and exploring avenues to enhance the company’s portfolio of products.”
Prado added the investment will enable Tropicale Foods to expand its product offering and geographical reach.
