ALBANY, NY. — Investment group WP Strategic Holdings, LLC has acquired a majority stake in Larry’s All-Natural, a manufacturer of six types of salsas and cooking sauces.
Financial terms of the transaction were not disclosed.
Founded in 2009 by Larry Sombke and his wife, Cathy Herman, Bethlehem, NY-based Larry’s All-Natural offers six types of salsas and sauces: chunky medium salsa, chunky mild salsa, salsa verde, ranchero sauce, mole sauce and chipotle sauce.
Todd Kletter, managing partner of WP Strategic Holdings, said the investment firm plans to “expand quickly” into national and regional natural channels. The firm also is in discussions with several corn chip manufacturers about possible partnerships, and is working with a hot sauce company to collaborate on a “hot” version of Larry’s salsa, he said.
Following the acquisition Larry’s day-to-day operations will be overseen by Tyler Gregory, senior adviser at WP Strategic Holdings. Mr. Gregory was hired specifically to lead the growth initiative for Larry’s. WP Strategic Holdings expects to increase sales for Larry’s All-Natural five-fold by 2025.
Mr. Sombke, meanwhile, will remain with the company for three years and maintain an ownership interest.The acquisition of Larry’s is the second investment in the food space for WP Strategic Holdings. In April 2021 WP Strategic Holdings took majority ownership of Viva Oats, an energy bar startup.