La Costeña Has Acquired Faribault Foods
HOUSTON, August 4, 2014 - GulfStar Group ("GulfStar") is pleased to announce the acquisition of Faribault Foods by La Costeña (or the "Company"). Faribault Foods will be combined with La Costeña's U.S. affiliate, Arizona Canning, based in Tucson, Arizona. GulfStar served as exclusive financial advisor to La Costeña throughout the transaction, which closed on August 1, 2014.
Faribault Foods is a privately held Minnesota food manufacturer, established in 1895. The company operates manufacturing plants in Faribault, Cokato and Elk River, Minnesota. Its products are sold under the brand names: S&W Beans, KC Masterpiece Baked Beans, Butter Kernel, Chilliman, Kuner's, Kuner's Southwestern, Mrs. Grimes, Pasta Select, and Pride. Faribault Foods also has a strong private label business in canned beans, meals and beverages, in addition to a long-standing contract manufacturing business with top branded companies.
Arizona Canning is a U.S. affiliate of privately held La Costeña group, which is Mexico's leading producer and marketer of canned peppers, beans and vegetables. Arizona Canning's operations are based in Tucson, Arizona. The Company's products are sold under the brand names: Sun Vista, Luck's, Kern's and Totis.
"This is an exciting day for Arizona Canning and Faribault Foods, as we merge our strong brand portfolios, enhance our leading market positions and broaden our geographic reach," said Albert Hoflack, President and Chief Executive Officer of Arizona Canning. "We welcome the addition of Faribault Foods' talented team to our own. Together, our goal is to provide customers with superior branded products, private label and contract manufacturing capabilities, and grow our U.S. business."
The GulfStar transaction team included Managing Director Scott Winship, Associate Rupert Gerard and Analyst Robert Bradley. "This transaction represents a very important continuation of La Costeña's global expansion strategy," said Winship. "With its long history of manufacturing excellence and talented workforce, Faribault is an ideal platform from which to accelerate growth and penetration in the key North American market. It was an honor to complete another transaction with the extraordinary professionals at La Costeña, and we look forward to their continued transformation of the global food market landscape."
About GulfStar Group
GulfStar is a leading middle market investment bank headquartered in Houston. GulfStar specializes in providing merger and acquisition advisory services, institutional private placements of equity and debt, and general corporate finance advisory services to companies with revenues or enterprise values generally ranging from $25 million to $350 million. Since its formation in 1990, GulfStar has completed approximately 600 transactions in more than 30 states and 10 foreign countries across a variety of industries.
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