Fort Worth, Texas - Mission Consumer Capital ("Mission") is pleased to announce the sale of Jardine Foods, Inc. ("Jardines"), a portfolio company, to Teasdale Foods, Inc. ("Teasdale") a portfolio company of Snow Phipps Group. Jardine's facility in Buda, Texas will remain open and all employees will be retained as part of the transaction.
Mission acquired Jardines in early 2011 as part of a recapitalization. During Mission's investment period, the company's sales grew 2.5x while earnings increased 12.5x.
Jardines has been producing and marketing premium, natural and organic branded and private label Southwestern foods since 1979. While principally known for its salsa products, Jardine's produces sauces, dips and other products as well. Jardines leveraged facility upgrades, key additions to their leadership team, and other strategic improvements to become the preeminent supplier of premium private label salsas and dips for several of the largest retailers in the United States. Additionally, the company successfully expanded sales of its branded products into the Grocery, Mass, Drug and Club channels. (www.jardinefoods.com)
"We are extremely proud of the accomplishments that Jardines has made since we acquired the company nearly five years ago,” said Richard Garland, Partner at Mission. “When we were originally presented with the investment opportunity, we were able to identify key additions to the management team and board of directors that we knew would compliment the existing team well. Since acquisition, we've deployed resources and capital to arm the team with the tools they needed to accomplish their aggressive growth plan. We are deeply appreciative of the Jardine's management team and the partnership they embraced with Mission.”
About Mission Consumer Capital:
Headquartered in Fort Worth, Texas, Mission Consumer Capital is a private equity firm focused exclusively on investing in leading consumer packaged goods companies. We add value to our investments by helping our partners grow - not through complex financial engineering or by loading our investments with excessive debt. The firm targets companies with Annual EBITDA of $2 Million - $15 Million. (www.missionconsumercapital.com)
About Teasdale Foods, Inc.:
Founded 70 years ago and headquartered in Atwater, California, Teasdale is a provider of branded and private label bean, sauce and hominy products to the retail, foodservice and wholesale channels. The acquisition of Jardines will serve as its first step of a planned expansion into other complimentary mexican food categories. Teasdale Foods has production facilities in Atwater, CA; Hoopeston, IL; Greeley, CO; and now Buda, TX. (www.teasdalefoods.com)
About Snow Phipps Group:
Headquartered in New York, New York, is a private equity firm focused on middle-market control investments. With $1.5 billion of assets currently under management, Snow Phipps targets platform companies with enterprise values ranging from $100 million to $500 million. (www.snowphipps.com)