Raymundos Food Group, a portfolio company of AUA Private Equity Partners, has acquired Noga Dairies, a maker of yogurts, drinkable yogurts and other dairy products. The acquisition of Noga was completed in partnership with co-founder Zalman Leinson who will continue as Noga’s president under Raymundos’ ownership.
Noga Dairies is a certified organic developer, maker and marketer of drinkable yogurts, dahi (Indian style yogurt), Greek and Swiss style yogurts, refrigerated dips and other specialty and ethnic dairy products. Company owned brand names include Noga Delite and BioChoice. Noga also makes and sells products through partnerships with third-party brands and retailers. The company’s products are all-natural and contain no preservatives, with many providing live and active probiotic cultures. Noga was founded in 1992 by Zalman Leinson and Eli Paz and is based on Long Island in Farmingdale, NY (www.nogadairy.com).
AUA acquired Raymundos Food Group, a manufacturer and marketer of refrigerated snacks and desserts, in February 2016. Raymundos’ 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).
According to AUA, the buy of Noga will help accelerate Raymundos’ expansion into adjacent refrigerated categories and diversify its product lines. “The acquisition of Noga will allow Raymundos to continue to diversify its refrigerated products offering by providing healthy and all natural options to our customers while allowing Raymundos to continue to focus on ethnic specialty items,” said Steven Flyer, a partner at AUA.
The AUA transaction team was led by Mr. Flyer, principal Kyce Chihi, senior associate Ari David, and associate Te’Rhon O’Neal.
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).
Wintrust Financial (www.wintrust.com), which provided the original financing for the acquisition of Raymundos by AUA, provided additional debt to back the buy of Noga Dairies. McDermott Will & Emery (www.mwe.com) provided legal counsel to AUA Equity.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 3-31-16