US-based Teasdale Quality Foods has acquired Hoopeston Foods,a producer of conventional and organic canned dried beans in the Midwestern US,for an undisclosed amount.
Hoopeston manufactures shelf stable conventional,organic,Hispanic,ethnic,and kosher bean products across the US,under brands such as Teasdale,Aunt Penny's and Emilio's.
The company also provides contract manufacturing services for national and regional consumer brands,and supplies private label and store branded products.Its customers include contract manufacturers,grocery retailers,wholesalers,and the US government.
The acquisition is expected to complement Teasdale's product range which includes Hispanic foods,canned hominy and beans.Teasdale,based in Atwater,California,is a portfolio company of a private equity fund affiliated with Palladium Equity Partners.
Teasdale CEO Alberto Bandera said that with the acquisition,Teasdale will have high-quality food manufacturing plants in California and Illinois,along with a range of branded and private label products,enabling the company to meet the growing needs of its customer base.
Palladium managing director Luis Zaldivar said that Hoopeston Foods'strong retail customer relationships make it a natural fit for Teasdale,which has an established West Coast presence in both retail and food service segments.
OneWest Bank provided additional financing for the acquisition through a long-term debt and a revolving credit facility.
