Investment group purchases Noga and Desi Natural brands.
For an undisclosed amount, investment firm ICV Partners, LLC purchased two brands from Raymundo’s Food Group, LLC, an AUA Private Equity Partners, LLC portfolio company.
Under ICV, Desi Fresh Foods, the Desi Natural and Noga brands obtained in the deal will function as a new business. Under the recently created label, Desi Fresh will keep making the brands’ drinkable South Asian yoghurt, lassi, and yoghurt, dahi, which is used as an ingredient in a variety of South Asian dishes and beverages.
“ICV is thrilled to establish a new business that leads its industry,” ICV managing director Qian Elmore stated. “Desi Fresh Foods appeals to the expanding palate of American consumers and has outpaced the growth of the South Asian population.” We believe there is a great chance to expand the availability of Desi Fresh Foods goods in American stores.
The business intends to run out of the Farmingdale, New York, manufacturing facility it recently acquired. Desi Fresh has selected Larry LaPorta as its chief executive officer. LaPorta has been the facility’s general manager since 2018.
You may also like:
Food security in emerging nations: issues and remedies
Are drinks the secret to increasing cannabis use among consumers?
Managing the lack of labour for mushroom picking
“To address the evolving needs of our customers, we intend to expand our distribution and introduce new products,” Mr. LaPorta stated. In addition, we plan to make investments to fulfil the increasing demand for our outstanding brands. Our ultimate goal is to establish the top South Asian food company in the US that sells chilled meals.
The business expands ICV’s existing food and beverage portfolio by joining JK&T Wings, the biggest franchisee of Buffalo Wild Wings.