Corporación Multi Inversiones (CMI) has announced its intention to acquire a majority stake in Del Real Foods, a prominent US-based Hispanic food company, from Palladium Equity Partners.
While the specifics regarding the financial details of the transaction and the exact size of the stake have not been disclosed, this acquisition marks a significant move in the food and beverage industry for CMI.
The founding family of Del Real Foods, the Cardenas family from California, along with Palladium, will maintain minority stakes in the company, ensuring their ongoing involvement in the business’s direction.
Palladium Equity Partners initially invested in Del Real Foods back in 2016, acquiring a majority stake at that time. Del Real Foods, headquartered in Jurupa Valley, California, operates manufacturing facilities in both California and Oklahoma. The company is renowned for its refrigerated, “heat-and-eat” Hispanic food offerings, including tamales, carnitas, salsas, and pupusas.
This acquisition represents CMI’s strategy to deepen its presence within the US market, regarded as the “second-largest business footprint” for CMI Foods. Furthermore, this move complements the growth trajectory of CMI’s Pollo Campero restaurant chain, allowing for a broader range of “high-quality” offerings, such as slow-cooked meats and traditional sauces, sides, and snacks.
CMI Foods Chairman Juan José Gutiérrez emphasized the significance of this investment, stating, “After 22 years in the US with Pollo Campero, this investment in Del Real Foods, along with our new partners, the Cardenas family and Palladium, significantly expands our footprint in this geography, giving CMI a unique position to continue its growth plan in the US market.”
The Cardenas family shared their enthusiasm regarding this new partnership, expressing, “Since 1957, we have dedicated ourselves to delivering the rich flavours of our traditions and the warmth of home to our customers through the finest recipes from our Hispanic kitchen. This new partnership with CMI represents a wonderful opportunity to further our legacy.”
Del Real Foods’ products are widely distributed across the US, reaching various channels, including wholesale, retail, club, and foodservice. With CMI’s robust operational presence—boasting over 50,000 employees across more than 16 countries—this acquisition provides a strategic advancement within the evolving landscape of the food and drink business.
In conclusion, the partnership between CMI and Del Real Foods is set to enhance the company’s offerings and positions it as a significant player in current food and drink consumer trends. As CMI continues to expand, it will harness this synergy to enhance its service to a growing customer base in the competitive food and beverage industry.
