NEW YORK, September 6, 2012 – Teasdale Quality Foods, Inc. (“Teasdale”), a leading manufacturer of Hispanic foods and the largest producer and marketer of canned hominy and beans in California, today announced that it has acquired Hoopeston Foods, Inc. (“Hoopeston”), a major producer of conventional and organic canned dried beans in the Midwestern U.S. The terms of the acquisition were not disclosed.
Teasdale is a portfolio company of a private equity fund affiliated with Palladium Equity Partners, L.L.C. (together with its affiliates, “Palladium”), a private investment firm with a special focus on investments in the U.S. Hispanic marketplace.
Founded in 1995 in Hoopeston, IL, Hoopeston manufactures shelf stable conventional, organic, Hispanic, ethnic, and kosher bean products across the U.S. The company 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 U.S. government.
Corey Hoerning, Vice President and General Manager of Hoopeston, said, “We are thrilled to be uniting Hoopeston with an industry leader that shares similar ideals and a commitment to provide value to customers through high-quality bean products. This is a positive event for the customers and employees of both companies.”
Alberto Bandera, CEO of Teasdale, commented, “This is an excellent strategic fit for Teasdale. Teasdale will now have high-quality food manufacturing plants in California and Illinois, along with a diverse breadth of branded and private label products, enabling us to meet the growing needs of our customer base.”
Luis Zaldivar, a Managing Director at Palladium, said, “Since its founding, Hoopeston has been an innovator in supplying high-quality organic and all-natural canned beans to a broad base of retail, food service, and industrial customers throughout the U.S. The company's 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. We look forward to working with management as we pursue the market opportunities that lie ahead for the combined businesses.”
Mr. Bandera added, “We are equally pleased to be working with Palladium, a firm with deep experience working with companies that serve the U.S. food market, including Hispanic food products and services. They are well-positioned to support our growth as we seek to expand our opportunities while preserving the core attributes that have made our business successful.”
OneWest Bank, FSB, provided additional financing in the form of a long-term debt and a revolving credit facility.
About Teasdale Quality Foods, Inc. ( (www.teasdale.net )
Headquartered in Atwater, California, Teasdale's roots can be traced back to the 1930's. Inspired by the rich agricultural Central Valley of California, the company is the largest producer and marketer of canned hominy and beans in the Western U.S., primarily serving the Hispanic market under its Teasdale brand and other branded products such as Aunt Penny's and Emilio's.
About Hoopeston Foods, Inc. ( (www.hoopestonfoods.com )
On August 18, 1879, the first sugar corn was canned in Hoopeston, Illinois, beginning the 130-year history of vegetable canning at the facility. It was one of the first companies to successfully can red kidney beans and sell them across the country. Hoopeston was founded in 1995 with the acquisition from Pillsbury Foods of the Joan of Arc production plant, located in Hoopeston, IL. Hoopeston is a leading producer of quality, shelf stable conventional and organic beans in the Midwestern U.S. The company also specializes in ethnic canned products, including Hispanic, Mid-Eastern, and southern style.
About Palladium Equity Partners, L.L.C. ( (www.palladiumequity.com )
Palladium is a middle market private equity firm with over $1 billion of assets under management focused primarily on buyout investments. Palladium seeks to acquire and grow companies in partnership with experienced management teams, with a special focus on companies benefiting from the growth in the U.S. Hispanic population. Palladium principals have been actively involved in the investment of $1.5 billion of capital in approximately 50 portfolio companies since 1989 and have significant experience in food, business services, financial services, restaurants, healthcare, industrial, and media businesses. Palladium was founded in 1997 and is headquartered in New York City.
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