DCF advises GraceKennedy Ltd. on its acquisition of the Business and Assets of La Fe Foods, Inc.
LOS ANGELES, August 7, 2014 — Deloitte Corporate Finance LLC (“DCF”) acted as exclusive financial advisor to GraceKennedy Ltd. (“GraceKennedy”), on its acquisition of La Fe Foods, Inc. (“La Fe”). Founded in 1922, GraceKennedy is one of the Caribbean’s largest food and financial services conglomerates and provides innovative solutions in the food processing and distribution industry. GraceKennedy’s management expects the acquisition, valued at $26 million, to add approximately $80 million in revenue to its North American operations and greatly enhance the company’s U.S. distribution capabilities.
The DCF team assisted GraceKennedy throughout the acquisition process by providing a full range of buy-side advisory services, including assisting GraceKennedy with identifying and contacting potentially interested targets, analyzing data and information to help assess range of value for potential targets, managing the due diligence process and advising on transaction negotiations.
“DCF's market insight and food and beverage industry experience enabled us to better identify and secure the best fit for GraceKennedy. This acquisition allows us to gain more control over our route to market and significantly scale our operations in North America. DCF guided us through a structured and comprehensive buy-side process and was instrumental in helping us achieve our transaction objectives,” said Don Wehby, CEO of GraceKennedy.
“We were fortunate to have advised GraceKennedy on this transaction. We look forward to continuing the relationship with GraceKennedy in the future and further establishing DCF’s extensive presence in food and beverage industry M&A, an area in which we remain very active,” said Matt Meyer, managing director, Deloitte Corporate Finance LLC.
About GraceKennedy Ltd.
Founded in 1922 in Kingston, Jamaica, GraceKennedy provides innovative solutions in Food processing and distribution internationally and financial services regionally. GraceKennedy offers a variety of Caribbean food products under its Grace brand. The company currently distributes its Grace branded products throughout the Caribbean, North America, Europe, and Africa. Grace’s product offering includes canned meats and fish, vegetables and beans, beverages, and sauces and condiments, with an emphasis on flavors inspired by its Caribbean roots. Beyond its current platform of brands and products, GraceKennedy will continue to explore a variety of alternatives to continue its expansion in the United States and around the world, with a focus on additional product offerings and market segments that will allow GraceKennedy to increase its global market share. For more information, please visit www.gracekennedy.com.
About La Fe Foods, Inc.
La Fe Foods Inc. was established in 1968 and is a full service food manufacturer and distributor of over 1,400 products in the categories of grocery, frozen, dairy and beverages. The company distributes many of the top third brands from the Caribbean, Central America, South America and Europe. La Fe’s operations are located in Moonachie, New Jersey; Miami, Florida and Raleigh, North Carolina serving the Eastern United States. The company’s solid network of sub-distributors and wholesalers augment direct to retail operations, allowing coverage to the mid-western states and the West Coast. La Fe is the number one Hispanic Brand in the frozen food category in the Northeast. For more information, please visit www.lafe.com.
About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Deloitte Corporate Finance LLC provides deal execution and lead financial advisory services to large corporate, middle market, and private equity firms. Deloitte Corporate Finance LLC has access to the resources of the Corporate Finance Advisory practices of the member firms (and their affiliates) within the Deloitte Touche Tohmatsu Limited network of member firms. Together with Deloitte Corporate Finance LLC, these practices include in excess of 1,900 professionals, working collaboratively in 150 international locations. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.
Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.