Indulge Desserts, a portfolio company of AUA Private Equity Partners, has acquired the assets of Love & Quiches (L&Q), a manufacturer of desserts and quiches.
L&Q’s desserts and quiches are sold to national restaurant chains, foodservice distributors, and grocery/mass/club stores. Products include brownies, carrot cake, NY Cheesecake, chocolate cake, and red velvet cake. The company has been family-owned since it was founded in 1976 by Susan Axelrod in the family’s home kitchen. Today, L&Q operates out of a state-of-the-art facility on Long Island in Freeport, NY (www.loveandquiches.com).
Indulge Desserts was acquired by AUA in June 2016 and is a maker of premium gourmet desserts, offering a full line of American and international/ethnic, all-natural products to the foodservice and retail markets across the US. The company’s portfolio of products includes Italian specialties, Latin desserts (tres leches and dulce de leche) and Asian inspired treats as well as gluten-free and sugar-free items. Indulge Desserts is based in New York.
“We are pleased with the addition of the Love & Quiches brand to our portfolio, as the meaningful synergistic opportunities identified upfront made the investment very attractive to our growing desserts platform,” said Andy Unanue, Managing Partner of AUA Private Equity.
AUA Private Equity 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 $75 million of equity in companies that generate at least $5 million of EBITDA. AUA is based in New York (www.auaequity.com).
“We are excited to acquire Love & Quiches as this transaction will allow us to continue to expand Indulge Desserts’ diverse portfolio of products as well as add new distribution channels to our existing customer base,” said Steven Flyer, a Partner of AUA Private Equity. “We continue to seek other dessert manufacturing assets as we realize on our vision to grow Indulge Desserts into a leading premium dessert manufacturer.” The AUA transaction team was led by Mr. Flyer, Principal Kyce Chihi, Senior Associate Jack Lin and Associate Te’Rhon O’Neal.
Accounting due diligence was provided to AUA by Sharon Bromberg, a Partner at CohnReznick (www.cohnreznick.com).
© 2017 Private Equity Professional | January 19, 2017
