Second Acquisition of 2012 Further Extends Teasdale's Reach and Growing Customer Base
NEW YORK, December 19, 2012 – Teasdale Quality Foods, Inc. (“Teasdale”), a leading manufacturer and marketer of Hispanic foods and a producer of canned hominy and beans in California as well as a major producer of conventional and organic canned dried beans, today announced that it has acquired Zateca Foods, L.L.C. and Greeley Trading Company (together, “Zateca”), a processor and supplier of packaged pre-cooked dehydrated beans. 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.
Zateca is a vertically-integrated producer of pre-cooked dehydrated beans, selling to a variety of institutional foodservice providers, ingredient/spice manufacturers, commissaries and branded food manufacturers. Its main product offerings include: refried bean mix, pre-cooked dry whole beans, bean flakes, bean powder, bean granules and quick cooking beans.
Kregg Listen, President of Zateca, will remain with the company as General Manager of its Dehydrated Bean Division.
Mr. Listen said, “For more than two decades, Zateca has endeavored to provide kitchens with great tasting and easy to use bean ingredients. We are very excited to be joining an established industry leader like Teasdale, which will better position us to pursue growth opportunities and enable us to bring our products to more customers across the United States.”
Alberto Bandera, CEO of Teasdale, commented, “We believe that this is a strong strategic fit both operationally and culturally. Zateca, like Teasdale, was established with the goal of providing shelf-stable bean products that are easy to prepare and do not compromise on quality or nutritional value. We are further delighted that Kregg Listen will be joining us to lead our Dehydrated Bean Division. We look forward to benefiting from his deep experience as we continue to pursue opportunities to bring great tasting products to our broad and growing customer base.”
Luis Zaldivar, a Managing Director at Palladium, said, “Zateca is a well-known and highly regarded supplier of high-quality bean products that has leveraged its unique dehydration technology to provide great tasting products at very competitive prices. This acquisition will significantly expand Teasdale's reach and growing customer base, and will further enhance the Company's operations east of the Rockies. At the same time, Zateca will benefit from Teasdale's scale and marketing expertise in offering a wide range of branded and private label products to meet the needs of a diverse customer base.”
OneWest and Zions Bank provided financing for the transaction.
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., as well as a major producer of conventional and organic canned dried beans in the Midwest. In addition to serving the Hispanic market under its Teasdale brand and other branded products, the company manufactures shelf stable conventional, organic, Hispanic, ethnic, and kosher hominy and bean products for a variety of national and regional foodservice providers, retailers and consumer brands.
About Zateca Foods, L.L.C.( (www.zateca.com )
Since its inception in 1992, Zateca has been providing kitchens with great tasting and easy to use bean ingredients. Zateca's cooking and drying process takes much of the time, energy and hassle out of cooking beans, without compromising the nutritional value or taste profile of beans made from scratch. Zateca's sister organization, Greeley Trading Company, has been buying and selling raw beans since the 1980s. The company owns and operates a manufacturing plant in Greeley, Colorado.
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 financial services, business services, food, restaurants, healthcare, industrial, and media businesses. Palladium was founded in 1997 and is headquartered in New York City.
# # #
Media Relations Contacts:
Jeff Taufield / Lyndsey Estin / Peter Hill
Kekst and Company