Diaz Foods, a marketer of specialty foods based in Atlanta has acquired La Cena Fine Foods of Saddle Brook, NJ.
The DAK Group served as exclusive investment banker to La Cena, initiating the transaction and managing the divestiture process. The transaction capitalizes on La Cena's history, which was founded by the Puig family in Cuba in the 1920s, who moved it to the USA in the 1960s, building a reputation for high-quality, branded Hispanic/Caribbean foods.
The strategic acquisition is pivotal to Diaz Foods' expansion strategy. Diaz, a private company with revenues over $200 million will introduce La Cena into its existing 24-state distribution network. Simultaneously, Diaz will introduce 5,000 product offerings throughout the northeast.
"La Cena offers the perfect complement to brands we already carry," said Diaz Foods' president and CEO, Rene Diaz. "Introducing the La Cena family of brands and expanding the distribution area will allow us to continue to offer superior products and service to all of our customers."
"We are pleased to have delivered significant value to La Cena's ownership using our proprietary process to identify the right buyer," said Alan Scharfstein, President of the DAK Group. "This acquisition is an opportunity for a deeper penetration of La Cena's products into the marketplace, and is a great fit with Diaz's growth plans."
The sale of La Cena to Diaz Foods was a result of a highly competitive process initiated by The DAK Group, which identified the strategic and complementary fit between the companies.
