US baker Flowers Foods has acquired Texas-based Leo’s Foods for an undisclosed sum.
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Leo’s Foods is a family-owned business with annual sales of around US$30m. The company owns one tortilla facility in Fort Worth and employs around 230 staff. It makes an extensive line of flour and corn tortillas and tortilla chips that are sold to foodservice and institutional customers nationwide under Leo’s, Juarez, and customer brands.
Leo’s Foods will operate as a subsidiary of Flowers Bakeries under its current name. Owners Leo and Sule Jimenez have announced plans to retire following the sale. Jaime Garcia will remain Leo’s general manager.
George Deese, Flowers Foods’ chairman of the board, CEO, and president, said: “Leo’s Foods brings to Flowers a solid company with decades of experience in making high-quality tortilla products. Leo’s will allow us to expand our presence in the tortilla market, which we have been serving since 1994 with our Mi Casa brand, and it aligns well with our foodservice business. We’re pleased to have this fine organization join Flowers Foods.”
Flowers Foods posted a 13.6% jump in second-quarter revenues in August, driven by expansion of the group’s branded business and sales from acquisitions completed last year.
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By GlobalDataSales rose to US$614.4m in the three-month period, up from $540.7m last year.
