Gruma buys Casa de Oro Foods for $20 million
Aug. 25, 2011
SHAWNEE MISSION, KAS. — Gruma Corp., a subsidiary of Monterrey, Mexico-based Gruma S.A.B. de C.V., has purchased the tortilla production assets of Casa de Oro Foods L.L.C. from Plaza Belmont Fund II L.L.C. for $20 million. The acquisition, which includes Casa’s inventories, brand and customer list, is expected to expand Gruma’s tortilla presence in the United States.
Casa was founded in 1992 by ConAgra Foods Inc. and purchased by Plaza Belmont in 2004.
“We are extremely proud of the progress Casa has made since 2004 under Plaza Belmont’s ownership,” said Tim Cranor, who has been Casa’s president since 2008 and is a partner of Plaza Belmont Management Group. “We wanted to ensure that the new owners would have the necessary operational expertise as well as the financial resources to provide growth opportunities for the company and its employees.”
Earlier this month Plaza Belmont sold Mama Rosa’s Pizza, L.L.C. to Huntsman Gay Global Capital. Plaza Belmont continues to hold a minority stake in Packaging Products Corp.
“With this sale of Casa de Oro and the sale announced earlier this month of Mama Rosa’s to Huntsman Gay Global Capital, Plaza Belmont Fund II L.L.C. will be a very successful investment for our limited partners,” said John T. Stout, Jr., chairman and chief executive officer.