Food and Beverage Business
Finance

CapVest’s Lakeview Farms Acquires Raymundo’s Food Group

CapVest's Lakeview Farms Acquires Raymundo's Food Group Refrigerated Food and Beverage Business

Raymundo’s Food Group, a prominent manufacturer of desserts based in the United States, has recently been acquired by Lakeview Farms, a portfolio entity under the UK investment firm CapVest. This acquisition marks a significant milestone within the food and beverage industry, particularly in the realm of Hispanic-inspired food products.

Operating from an 84,000-square-foot manufacturing facility in Illinois, Raymundo’s specializes in a variety of refrigerated desserts, such as puddings, flans, and creams, alongside sweet snacks like churro dippers. The company has carved a niche for itself, making it a leading name within the snack sector, particularly among Hispanic-inspired brands.

Lakeview Farms, headquartered in Ohio and employing approximately 1,000 individuals, is known for producing chilled food offerings that include dips, salsa, hummus, and desserts. The company’s well-distributed brands, such as Senior Rico and La Mexicana, resonate well within the consumer market.

In a statement regarding the sale, AUA Private Equity, the previous owner of Raymundo’s, emphasized, “Over the past decade, Raymundo’s has established itself as a leading, Hispanic-inspired snack brand in the United States, providing an assortment of flan, gelatin, and puddings, primarily through mass market retail.”

With the acquisition now complete, Raymundo’s CEO, Robert Rosales, expressed optimism about the future, stating, “We anticipate that Raymundo’s will be a highly accretive addition to the Lakeview Farms’ portfolio, which should further expand their snack offerings and the breadth of Hispanic-inspired foods.” He also noted that Lakeview Farms’ capabilities and resources would facilitate the brand’s continued expansion into new retail locations and various channels.

Andy Unanue, managing partner at AUA Private Equity, stated, “The success of this transaction results from the concerted efforts of our management team, value-creation partners, and investment professionals at AUA Private Equity. Robert Rosales and his entire management team have been instrumental in navigating Raymundo’s through a transitionary period, thereby improving the business and driving future growth.”

CapVest, while declining to comment on the acquisition, has extensive interests across the food sector, with notable portfolio businesses, including the US snack manufacturer Second Nature. Recently, Second Nature acquired JM Smucker’s Voortman cookies brand in a deal valued at $305 million, reflecting the ongoing dynamism in the food and drink business.

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