Midas Foods International, a US business largely centred on food ingredients, has acquired JM Exotic Foods to boost its presence in the retail channel.
The financial details of the deal, which encompasses a seven-acre processing facility in Moody, Alabama, have not been revealed.
In a statement, Michigan-based Midas Foods said JM Exotic Foods brings “expertise in foodservice and retail spice packaging”.
Midas Foods supplies dry-blend sauces, gravies, glazes and desserts to B2B customers in the food-manufacturing and foodservice sectors.
The company snapped up JM Exotic Foods from its owners Jeff Johnston and Sidney Page.
Midas Foods said the deal “marks a major step forward” in its strategy to “establish a national manufacturing footprint and broaden its offerings”.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataJM Exotic Foods, set up in 1989, produces goods under its own brands, including Sure Shot Sid’s and Mojo Mama. It also manufactures for retailer private labels.
Richard Elias, Midas Foods’ president, said: “This acquisition not only enhances our packaging processing capabilities but also adds significant value to our customers.
“We are excited to invest in JM Exotic Foods with a strong capital programme to expand high-speed processing for both foodservice and retail markets. Together, we will deliver a comprehensive range of innovative solutions that set new standards for quality and efficiency.”
The existing management team of JM Exotic Foods will stay in place, and 30 staff members will join Midas Foods.
Johnston said: “For years, we have excelled in processing spices and seasonings but lacked the in-house culinary R&D and extensive capabilities Midas provides.
“Now, with their team of expert chefs and food technologists, we can offer an unparalleled growth engine for our customers. Even before the transaction closed, we were seeing new opportunities and exciting project developments.”
