Private-equity firm Palladium Equity Partners has acquired US canned food maker Teasdale Quality Foods.
Palladium, which has focuses on investing in firms selling to the Hispanic market in the US, announced the acquisition of Teasdale yesterday for an undisclosed sum.
California-based Teasdale is the largest producer and marketer of canned hominy and beans in the western US, Palladium said.
Luis Zaldivar, Palladium’s MD, said: “The company’s visibility and success in the Hispanic market – given the strength of Teasdale and other branded products such as Aunt Penny’s and Emilio’s – make it a natural fit with Palladium’s investment strategy. We look forward to partnering with management and I certainly share in their excitement about the market opportunities that lie ahead for Teasdale.”
Palladium executives Allen Rodriguez and Cor Karaffa will become Teasdale CEO and COO. Former American Italian Pasta Co. president and CEO Jack Kelly will join Teasdale’s board as chairman.
Thomas Bauer, Teasdale’s vice president of sales and marketing, said the company’s “partnership” with Palladium would help it “keep pace with consumer trends”.