AUA Acquires Raymundos Food Group
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AUA Acquires Raymundos Food Group

raymundos nf1AUA Private Equity Partners has acquired Raymundos Food Group, a manufacturer and marketer of refrigerated snacks and desserts.

raymundos nf11Raymundos’ portfolio of gelatins, flans, puddings and other ready-to-eat products are distributed through mass retailers, conventional grocery retailers, as well as through independent and local Hispanic retailers.  According to the company, its flan products (an open pastry or sponge cake containing a sweet or savory filling) have the highest market share of any flan product in the US. Raymundos was founded in 1997 and is headquartered in the Chicago suburb of Bedford Park, IL (www.raymundos.com).

AUA intends to grow Raymundos by adding new customers and stores, developing new products and flavor extensions. The firm has also capitalized the company to allow it to pursue planned growth initiatives.

Steven Flyer nf1“Our investment in Raymundos fits squarely within AUA Equity’s investment strategy – a Hispanic-oriented and family-owned business with the potential for broad cross-over appeal and rapid growth,” said Steven Flyer, a Partner of AUA. “We are excited to expand Raymundos’ distribution and build a leading refrigerated foods company in the US.” The AUA transaction team was led by Mr. Flyer, Principal Kyce Chihi and Senior Associate Ari David.

AUA Private Equity Partners makes equity investments in companies in the consumer, media and business services sectors with a particular focus on family-owned businesses and companies benefiting from the growth of the US Hispanic population. The firm invests from $15 million to $50 million of equity in companies that generate at least $3 million of EBITDA. AUA is based in New York (www.auaequity.com).

Raymundos will be led by a newly appointed Chief Executive Officer, Ricardo Alvarez, who has senior level management experience with companies in the food sector. He previously held CEO positions at Overhill Farms, Spartan Foods, Busch’s Fresh Food Market, and Ruiz Foods.  “I am thrilled with the opportunity to partner with AUA to help build Raymundos.  The company has all of the ingredients for success in establishing itself as a leader in the mainstream refrigerated segment,” said Mr. Alvarez.

Andy Unanuw nf1“I have personally known Ric Alvarez for over 15 years and believe that his experience in the food industry, strong leadership skills, and expertise in food innovation will allow us to continue to expand the Raymundos’ brand,” said Andy Unanue, Managing Partner of AUA.

It addition to Mr. Alvarez, AUA has appointed Bob Levi to the board of Raymundos. Mr. Levi has been an AUA Operating Executive since February 2015 and was the interim president of Raymundo’s from March to December 2015. He has also held numerous senior executive positions at Kraft Foods.

Wintrust Financial (www.wintrust.com) provided financing to support the transaction. McDermott Will & Emery (www.mwe.com) provided legal advice to AUA.

© 2016 PEPD • Private Equity’s Leading News Magazine • 2-4-16

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