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

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.

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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."

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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.