North Castle Acquires Indian Food Brand

North Castle Partners has made an investment in Maya Kaimal Foods, a developer and marketer of Indian-inspired ethnic foods.

Maya Kaimal Foods’ products include shelf-stable and refrigerated sauces and condiments, and ready-to-eat dals (lentils) and rices. The company’s products are sold online at Amazon and Costco and at over 7,000 retail locations including Whole Foods Market, Safeway-Albertsons and Target.

Maya Kaimal Foods’ was founded by Indian-American chef Maya Kaimal and her husband Guy Lawson in 2003 and is based in Rhinebeck, NY (www.mayakaimal.com).

“We are proud to partner with Maya and her team,” said Alison Minter, a managing director at North Castle. “The Maya brand stands for high-quality products and ingredients, authenticity, innovation, and great tasting products.  We believe this business has significant growth potential as the macro trends of consumers looking to expand their flavor profile and at-home convenience drives the overall category.”

North Castle makes control investments in consumer-driven product and service companies located in North America with enterprise values ranging from $50 million to $500 million. Sectors of interest include beauty and personal care; consumer health; fitness, recreation and sports; home and leisure; and nutrition.

“I’m delighted to be partnering with North Castle. After many years of being on our own, my husband and I were ready for a partner and this felt like a great fit. We share a vision for expanding the brand and taking Indian food to the next level,” said Ms. Kaimal.

In August 2016, North Castle held a final closing of North Castle Partners VI LP with $300 million of committed capital. The new fund was oversubscribed and reached its close in just over six months of fundraising. North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).

© 2019 Private Equity Professional | April 18, 2019

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