Investor-backed Flagship Food Group, a retail and private-label supplier in the US, has taken a majority stake in Mexican food business La Tortilla Factory.
Flagship Food, majority-owned by Denver-based Creo Capital Partners focused on consumer products, said the deal was completed this week, although financial terms remain confidential.
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By GlobalDataThe Tamayo family-owners of La Tortilla Factory will “continue to remain valued partners” with its 300 to be retained, Flagship Food said in a statement.
La Tortilla Factory was founded in 1977 by Jose and Mary Tamayo in Santa Rose, California, and manufactures better-for-you Mexican foods, including corn, flour and grain-free tortillas, along with side dishes, sauces and snacks for the retail and foodservice channels. Sam Tamayo, a third-generation family member, is chairman.
CEO Jeff Ahlers said in a statement: “We are excited and eager to embrace Flagship Food Group and its entire family of companies and brands as supporters of La Tortilla Factory’s strategic growth plan. Their investment acumen and broader experience in the food industry will support and accelerate our strategy.”
Headquartered in Meridian, Idaho, Flagship Food produces poultry products, frozen fruit and vegetables, sauces, appetisers and Asian-inspired ready-meals, among others, supplied into retail, but it also manufactures for private-label clients.
Brands include 505 Southwestern, Lilly B's, TJ Farm's and Hatch Kitchen. As well as its headquarters in California, the company has plants and offices in Boise, Idaho, Denver in Colorado, Albuquerque in New Mexico, San Francisco, California, Minneapolis in Minnesota, and Indianapolis, Indiana.
"As Flagship has continued to focus on premium-oriented food brands, and in particular in the Hispanic foods sector, it became clear to us that La Tortilla Factory (LTF) was a perfect addition to our platform," said Rob Holland, the founding partner of Creo. "Being one of the leading brands in the better-for-you segment of the tortilla and Mexican food space, LTF further enhances our ability to execute on our growth strategy."
