The Latin American and Caribbean food company El Latino has reached an agreement with the private equity firm Apex Capital to “accelerate” its expansion in the United States.
In a statement, El Latino said Apex Capital is joining the business as a “strategic partner” to support its “next phase of growth and provide additional capabilities.”
Based in Doral, Florida, El Latino was founded by María Elena Ibáñez in 2002.
Ibáñez, who is also president of the company, commented: “This alliance with Apex Capital will enhance El Latino’s ability to deliver even greater value to our clients while strengthening our long-term relationships.
“It also creates a compelling opportunity to expand into new regions in the United States, bringing our proven model and high-quality offerings to a broader and increasingly dynamic market.”
The company offers a range of products from cheeses and yogurts to arepas, corn cakes, empanadas and frozen products.
According to the company’s LinkedIn profile, its products are distributed through major American supermarket chains such as Walmart and Costco, as well as Hispanic grocery stores, with an additional presence in parts of Texas, Kansas, Missouri and Puerto Rico.
Apex Capital brings “more than 140 years of combined experience in the food and beverage industry” through its relationship with Grupo Mariposa, the company said.
The private equity investor is part of Grupo Mariposa, a Latin American conglomerate that has interests in food and beverages and operates in more than 20 countries.
Financial terms and other details of the transaction were not disclosed.
Ibáñez will remain as president to maintain “strategic continuity, stability and close connection with customers,” according to the statement.
Pedro Palma, Managing Partner at Apex Capital, said: “This partnership represents an opportunity to build on a strong and proven platform while accelerating its next phase of expansion.
“We look forward to supporting El Latino in its continued growth and long-term success, as the company remains firmly committed to its founding principles of quality, service and innovation.”
Last April, Apex Capital acquired a majority stake in California-based Mexican-style food company Juanita’s Foods.
The De La Torre family founded Juanita’s Foods in 1946 in Wilmington.
Juanita’s Foods offers a variety of non-perishable Mexican staples including Menudo, Pozole, Ground Corn, Meatballs, and Nacho Cheese.
“Latin American Cuisine Firm El Latino Signs Private Equity Deal” was created and originally published by Just Food, a brand owned by GlobalData.
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