GARDENA, CA (October 6, 2008) – Flan Rico Confectionery, Inc., the leading company in authentic Hispanic refrigerated desserts announced today that it has sold its business to Lakeview Farms, an Ohio and California based manufacturer and marketer of a wide variety of refrigerated dairy and dessert products. The acquisition brings the Flan Rico® and Señor Rico® brands into Lakeview’s comprehensive family of brands, which already include Lakeview Farms, Real Desserts®, Winky®, Luisa’s®, Margarita’s®, and Angelica’s®. Sequel Holdings and Petra Capital Partners, both significant investors in Lakeview, supported the transaction through an additional investment. The owners of Flan Rico also made a significant investment in Lakeview Farms. Financial terms of the acquisition were not disclosed. Flan Rico Confectionary, Inc. was advised by investment banking firm Hadley Partners, Incorporated (www.hadleypartners.com).
“Flan Rico has developed strong brands with a loyal following among a large segment of consumers, especially in the Western U.S. We are enthusiastic about the opportunity to take Flan Rico to the next level through several operating and marketing initiatives we plan to pursue,” explained Gene Graves, CEO of Lakeview Farms. He added “the acquisition will strengthen our brand portfolio and enable us to offer a comprehensive line of high-quality products to a growing national market.”
“For nearly 20 years we’ve worked hard to build a real Hispanic brand, with products made from high quality ingredients and a comprehensive manufacturing process similar to an authentic home-kitchen” said Hector Ramirez Jr., President of Flan Rico Confectionery. “Lakeview Farms is a company that shares our standards for authenticity and quality and, working together, our brands will benefit from broader distribution in the U.S. as well as a robust platform to develop new products.” Mr. Ramirez added “we were fortunate to team up early on with Hadley Partners to help us assess the potential of our business and determine the right path that met our family’s objectives. They really do know the Hispanic market better than anyone else and it proved to our advantage as we considered all our options, especially in a difficult financing environment. Hadley Partners was instrumental in preparing us for our partnership with Lakeview and in working on our behalf to ensure a successful transaction.”
About Lakeview Farms (www.lakeviewfarms.com)
Lakeview Farms is a manufacturer and marketer of a wide assortment of refrigerated dairy and dessert products under various brands. Our products can be found throughout the country as we service our customers from manufacturing facilities in Ohio, Wisconsin, and California. This geographic flexibility allows us to provide fresher products faster.
About Hadley Partners, Inc. (www.hadleypartners.com)
Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority.
For more information on this transaction please contact:
(310) 640-7090 firstname.lastname@example.org
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