US dessert maker Joey’s Fine Foods has been sold to a local private-equity firm in a deal that marks the buy-out house’s latest acquisition in the sector.
New Jersey-based Joey’s Fine Foods will join Indulge Desserts Holdings in the portfolio of AUA Private Equity Partners.
Announced for an undisclosed sum, AUA Private Equity Partners said the acquisition would open up a new product category for Indulge Desserts Holdings, which it bought in 2016.
Joey’s Fine Foods sells desserts including brownies and pastries into the US retail and foodservice channels. Indulge Desserts Holdings, based in New York City, supplies the same channels with “gourmet desserts”, according to the AUA Private Equity Partners website.
The private-equity firm said Indulge Desserts Holdings’ “strong presence in key retailers” would help expand Joey’s Fine Foods sales into new channels.
Andy Unanue, the managing partner of AUA Private Equity Partners, said the firm “expects meaningful synergistic opportunities as we continue to scale our leading premium desserts platform”.
Steven Flyer, another partner at the buy-out house, said: “We continue to seek other dessert manufacturing assets as we realise on our vision to grow Indulge Desserts into a leading premium dessert manufacturer.”
Andy Unanue, the managing partner of AUA Private Equity Partners, added the investment firm “expects meaningful synergistic opportunities as we continue to scale our leading premium desserts platform”.
In January 2017, AUA Private Equity Partners also acquired Love & Quiches, a desserts and quiches maker based in Freeport in New York state.
Earlier this year, through another desserts company the private-equity firm owns – Raymundos Food Group – it bought Bethpage, New York-based milk-and-yogurt business Desi Natural Dahi for an undisclosed sum.