Teasdale Latin Foods changed hands and ownership became a group led by Knighthead Capital Management.
In a statement yesterday (April 7), the Hispanic food supplier said the transition eliminated about $300 million of debt and “substantially” improved its future operating liquidity.
Teasdale manufactures a variety of beans, ground corn, tortillas, snacks and sauces for private label, food service and co-manufacturing.
Snow Phipps Group, a New York-based private equity firm, acquired Teasdale in October 2014 from Palladium Equity Partners before changing its name to TruArc Partners in 2021.
The ownership transition provides “strong” financial support for growth initiatives, the US canned food maker said.
The company will continue to be led by CEO Tim O’Connor and his current management team.
They will be supported by a new board of directors, including Knighthead co-founder and managing member Ara Cohen, Knighthead partner Kyle Kneisly, and TruArc operating partner Tom O’Boyle.
Tim O’Connor said: “We are delighted to have Knighthead as a partner as we continue to grow our presence in several Latin food categories. Knighthead’s support is a strong vote of confidence in our ability to grow and create greater value for all our stakeholders. It is also a recognition of the hard work of our entire team, who deliver for our customers day after day.
“With an improved financial foundation, the ability to invest in future growth initiatives and a highly qualified new Board of Directors, I am confident that we will be able to capitalize on our opportunities and achieve our full potential.”
“Teasdale Hispanic Food Company Eases Debt ‘Burden’ with New Owner” was created and originally published by Just Food, a brand owned by GlobalData.
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