Corporación Multi Inversiones (CMI) is to acquire a majority stake in Del Real Foods, a US-based Hispanic food firm, from Palladium Equity Partners.
Neither the financial terms of the transaction or the size of the stake acquired were disclosed.
The founders of California’s Del Real Foods, the Cardenas family, and New York-based priavte-equity firm Palladium will retain minority equity stakes in the business.
Palladium initially acquired a majority stake in Del Real in 2016.
Del Real, headquartered in Jurupa Valley, California, operates manufacturing plants in its home state and Oklahoma.
It is known for its refrigerated, “heat-and-eat” Hispanic foods, including tamales, carnitas, salsas, and pupusas..
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By GlobalDataThe company’s products are distributed across the US through channels, including club, retail, foodservice and wholesale.
Guatemala-based CMI, with more than 50,000 employees in more than 16 countries, is an active investor through its divisions CMI Foods and CMI Capital.
This acquisition positions the US as the “second-largest business footprint” for CMI Foods and complements the growth of its Pollo Campero restaurant chain.
It said the deal will allow it to offer a broader selection of “high-quality”, slow-cooked meats and homemade sauces, sides, and snacks.
CMI Foods chairman Juan José Gutiérrez said: “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 said: “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.”
