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January 28, 2021

US Hispanic food firm Cacique sells stake to local investor Baupost

Cacique, a US company selling Mexican-style foods, has sold a stake in the business to a local investment manager.

By Leonie Barrie

Cacique, a US company selling Mexican-style foods, has sold a minority stake in the business to local investment manager The Baupost Group.

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  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
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California-based and family-owned Cacique, which is home to a range of products including cheese, dips, yogurts, creams and chorizo, said the injection of cash will accelerate its growth.

Neither the price Boston-based Baupost has paid for the stake or the percentage of the business it now holds have been disclosed. Cacique told just-food the full ownership of the company is now comprised of CEO Gil de Cardenas and the de Cardenas family, who still own a majority stake, and Baupost, which has a minority stake.

Cacique said the investment will enable the company to expand production capacity, increase R&D to drive product innovation and enhance its national presence.

Cacique CEO de Cardenas said: "This investment by Baupost will fuel the next chapter of our growth, affording us the opportunity to bring our portfolio of authentic, high-quality Hispanic foods rich in heritage and tradition to even more tables across the country. We are very excited to have Baupost as our partner."

Tom Blumenthal, a partner at Baupost, added: "The de Cardenas family has built an exceptional business committed to producing the highest-quality authentic products. We couldn't be more excited to be partnering with them and the Cacique management team to continue the company's leadership and growth across the Hispanic foods category."

Cacique was founded in 1973 and has grown to become a major Hispanic food brand in the US.

The Baupost Group was established in 1982. The firm manages around US$29bn of assets.

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What’s the forecast for the food and grocery industry?

The food and grocery sector thrived during the pandemic, largely due to the shutdown of the food service industry and the sector’s subsequent necessity, panic-induced bulk purchasing, and spending more time at home. The market has grown as a result of inflation. Consumer unwillingness to go out and socialize, and the reopening of several hospitality facilities, helped maintain the demand for groceries, particularly online, in 2021. As consumer behavior changes, we consume more food and drink at home, and inflation increases basket sizes. GlobalData predicts that the sector will continue to hold a higher share than had been predicted prior to the pandemic. This is true despite the fact that the food and grocery sector's share of overall retail will decline from its peak in 2020. This report will discuss market forecasts and key themes in the global food & grocery industry in 2022 and beyond. It covers:
  • Market drivers and inhibitors
  • Five-year forecasts and the impact of COVID-19
  • The performance of the online channel versus offline
  • Major trends in the market including rapid delivery, ambient retailing, supply chain disruption, and inflation
Assess developments within this sector to help your business thrive in 2022 and beyond.
by GlobalData
Enter your details here to receive your free Report.

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