KINGSTON, Jamaica, CMC – GraceKennedy has acquired the assets of USA food business, La Fe Foods Inc, through its wholly owned subsidiary, GraceKennedy Foods (USA) LLC, for US$26 million.
Making the announcement, last Friday, GraceKennedy CEO, Don Wehby, stated, “This acquisition represents a major step for us, and will be the platform for the growth of GraceKennedy’s North American business going forward.”
La Fe Foods, a largely Hispanic food manufacturing and distributing company, was established in 1968, and currently has revenues of approximately US$80 million. It has operations in Moonachie, New Jersey; Miami, Florida and Raleigh, North Carolina, with brand and distribution presence in the New York/Tri-state area, Florida, Georgia and the East Coast.
“I am very excited to enter this new phase in GraceKennedy’s history, and ask for your support as we continue to execute on achieving our vision.”
“While we work to grow the business abroad, please know that our domestic market remains the fortress of our operations. We remain more focused than ever on strengthening this critical market, through increased investments and well-devised strategies to ensure growth in market share here,” Wehby stated.
There were management changes at the Jamaican conglomerate owing to the new acquisition.
Wehby revealed premiere among the changes, “Michael Ranglin has been appointed President and CEO of GraceKennedy Foods (USA) LLC, while retaining his substantive position as the CEO of the GK Foods Division. He will be based in New Jersey.”