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Frozen food producer Windsor Foods has completed its acquisition of Discovery Foods from Friedman Fleischer & Lowe (FFL), a San Francisco-based private equity firm. The terms of the transaction were not disclosed.
Hayward, Calif.-based Discovery manufactures frozen Asian snacks, appetizers and entrées under the Ling Ling and Tai Pei Asian brands, in addition to VIP frozen fruit and vegetables. Windsor currently holds market-leading positions in both the Italian and Mexican frozen food segments, and the addition of the Ling Ling and Tai Pei brands will enable the company to expand its product portfolio.
“Asian frozen food is a premier growth segment in the ethnic frozen food market,” noted Greg Geib, CEO of Houston-based Windsor, which operates nine manufacturing plants in seven states. “We are confident that together we will be able to leverage the strengths of our complementary products and customer relationships and continue to build our presence in the Asian category.”
“In partnership with the FFL team over the past four years, Discovery has expanded its sales force, significantly increased its penetration of the grocery retail market, introduced innovative ethnic products and improved manufacturing operations, all of which have contributed to dramatic growth in sales and profitability,” said FFL managing director Nancy Ford. “Today, Discovery is the leading Asian branded frozen food company, with a strong presence across the key national food retailers.”
Bank of America-Merrill Lynch acted as exclusive financial adviser to Windsor in connection with the acquisition.
Founded in 1986, Discovery was purchased and merged with VIP Foods in 2006 by FFL.